Donald Manzullo: “Mr. Speaker, the purpose of this bill is to keep venture capital flowing to small businesses during this critical time…”

“Mr. Speaker, the purpose of this bill is to keep venture capital flowing to small businesses during this critical time to our Nation's economic recovery. The main purpose of S. 1196 is to adjust the fees charged to participate in security SBICs from 1 percent to 1.38 percent. This change is necessary because there is no funding for the participating securities SBICs program. The other provision of S. 1196 modestly lowers the fees in the other main access to capital programs of the SBA, the 7(a) General Business Loan Program and the 504 Certified Development Company CDC program. Last month the SBA administrator sent me a letter in support of this and revitalized the 7(a) and 504 programs.”