Political Quotes

“Mr. President, as National Small Business Week is coming to a close, I come to the floor today to make a strong commitment that the Senate Committee on Small Business and Entrepreneurship will not lose momentum on our relentless push to help America's small businesses grow, thrive, and excel. So today, along with the senior senator from Maine, I am introducing the Expanding Access to Capital for Entrepreneurial Leaders Act, or the EXCEL Act. This legislation will enhance the already successful Small Business Investment Company, SBIC, program at the Small Business Administration, SBA, that has helped over 100,000 small businesses. The best part of our bill is that the EXCEL Act should not cost the taxpayer anything. The SBA runs a venture capital program by guaranteeing money borrowed by qualified investment funds who invest in small businesses. The qualified funds, or Small Business Investment Companies, SBICs, are privately owned and operated, but licensed and regulated by the SBA. Using a combination of private investments and the loans guaranteed by the SBA, typically at a ratio of $2 in guaranteed funds for every $1 of private capital, SBICs make long-term investments in American small businesses. In order to participate in the program, funds pay licensing fees which serve to cover all SBIC program costs. As a result, the core SBIC program, Debenture SBICs, not only boasts a strong success rate, but also incurs no cost to the U.S. government.…”