Political Quotes

“First of all, I would like to thank Chairman Chabot and Ranking Member Velazquez for this opportunity. Mr. Speaker, on Friday, the 7(a) program reached its loan guarantee program limit for the year. As a result, the Small Business Administration was forced to suspend its 7(a) small business lending until the start of the new fiscal year or until such time as the 7(a) program is reauthorized or increased by Congress. {time} 1730 Over 20 of my colleagues joined me in sending a letter to Speaker Boehner asking to bring this legislation to the floor to raise this limit before Congress goes on its August work period break. While I am thankful that we are finally doing this, it only speaks to the pattern of inaction that has plagued us here in Congress. Right now, because of this inaction, small businesses across the country are facing the uncertainty of where their next loan will come from. Lenders use the 7(a) program to fund working capital and other critical needs to small businesses, and the SBA provides a backstop by guaranteeing this loan in case the borrower defaults. Due to restrictive marketing conditions, SBA programs like the 7(a) loan program have seen an increase in usage by small businesses, making it more imperative that the lending limit be increased for this program. As you know, Mr. Speaker, over 90 percent of the American businesses are considered small and make up the backbone of our Nation's economy.…”