Political Quotes

“I rise in support of S. 1196, the Small Business Investment Company Amendments Act of 2001. This is a fairly straightforward bill--it will keep venture capital flowing to small businesses during this critical time in our nation's economic recovery. Right now, there are 30 participating securities license applicants awaiting approval of this bill, with $600 million private equity capital at stake. In 1958, Congress created the SBIC program to assist small business owners in locating investment capital. The problems are still the same as they were 40 years ago, which are magnified by the collapse of many 'dot.coms,' the general economic slowdown, and the tragic events of September 11th. However, with other sources of private venture capital drying up, the SBIC program is becoming more and more critically important. Last year, SBIC financed 4,600 venture capital deals, investing $5.6 billion in fast-growing small businesses. Since 1996, investing by SBIC-licensed firms accounted for about half of all venture capital deals made in the United States. Since its inception, the SBIC program has also returned $700 million directly to the U.S. Treasury. Indirectly, the SBIC program has generated millions of dollars in corporate tax revenue from companies as diverse as Federal Express, Apple Computer, Intel Corporation, America Online, Callaway Golf, and the Outback Steakhouse. They all had their start with an infusion of venture capital from SBIC-licensed firms.”