Olympia Snowe: “I rise today to address H.R. 5008, a bill to provide a temporary extension of programs under the Small Business Act and…”

“I rise today to address H.R. 5008, a bill to provide a temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and to enhance the operations of the Small Business Administration. The bill before us would extend until September 30, 2004, SBA programs that have expired. In addition, it would provide clarification as to the SBA's method of reimbursing its Fiscal and Transfer Agent, which assists in the operation of the SBA's vital loan programs. In July 2004 I introduced S. 2700, a bill that extended these same SBA programs and also provided this clarification regarding the Fiscal and Transfer Agent. The Senate unanimously approved S. 2700 on July 20, but unfortunately the other body failed to pass that bill, leaving many critical small business assistance programs unauthorized. Today, we have another opportunity to renew these programs and to provide this legislative improvement, and we should not miss the chance. Since 1953, nearly 20 million small business owners have received direct or indirect help from one of the SBA's lending or technical assistance programs, making the agency one of the Government's most cost-effective instruments for economic development. The SBA's current loan portfolio of more than 175,000 loans, worth more than $45 billion, makes it the largest single supporter of small businesses in the country.”