STATEMENT
of the
Honorable Nydia M. Velázquez, Ranking Democratic
Member
on the floor of the House of Representatives
Commerce, Justice and State Appropriations Bill
July 17, 2001
Mr. Chairman, today's bill
provides funding for many critical priorities, and I believe
that Chairman Wolf and Ranking Member Serrano have produced
a bill that is an improvement over past years. I thank them
for their hard work on this legislation, which benefits
many.
Unfortunately, I am afraid
their hard work has fallen short for one of the most productive
forces in America today, our small businesses. This bill
would severely cut the Small Business Administration's funding
level.
The recent "long boom,"
our greatest in history, came as a direct result of the
productivity of American small companies and entrepreneurs.
Small businesses employ half of our workers, account for
half our GDP, and grow almost 60 percent faster than large
corporations.
Mr. Speaker, much of this
success has been made possible through the programs of the
Small Business Administration. But this bill would cut SBA's
tap that currently provides capital liquidity to small business
across the country. It will, I fear, dry up assistance just
when we most need to give our economy a boost.
This bill proposes to cut
funding for the SBA from $860 million this year to $728
million next year. Ten programs would be zeroed-out, and
another half-dozen or more will be so severely underfunded
as to render them ineffective.
Later today my colleague
from New York Congresswoman Kelly and I will offer an amendment
to restore $17 million in funding for SBA. While still short
last year's levels, our amendment will maintain the very
successful 7(a) general loan guarantee program and two small
business assistance programs, PRIME and BusinessLinc.
Our amendment is important because small business IS big
business in America. We aim to support the SBA's mission
of providing technical assistance and guarantees to today's
entrepreneurs, who are often tomorrow's Intel, Apple or
FedEx. Most importantly, we want to provide the tools that
help so many better themselves, their families, and their
communities. That is the point, after all, of a strong economy.
Thank you very much.
