Political Quotes

“Mr. Speaker, I rise today in support of H.R. 1023, the Small Business Investment Company Capital Act. As a co-sponsor of this bi-partisan legislation and a member of the Small Business Committee, I recognize the importance of supporting small businesses and providing them with resources for success. This bill provides small businesses with such tools by raising the maximum debt that the Small Business Administration can guarantee to borrowers in the Small Business Investment Company, or SBIC program, from $225 million to $350 million. Currently, 30% of SBICs in the program are hitting or approaching the $225 million cap, thus restricting them from further investment. This bill will allow SBICs to increase its cap by $125 million, allowing it to invest in many underserved companies, including those led by minorities, women, and veterans. The Congressional Budget Office has stated that by adopting this bill, there is no expected additional cost to administer the program, nor will there be an additional cost to the taxpayer as businesses participating in the program pay fees that would offset such costs. In the last five years, SBICs have invested more than $1.6 billion in my home state of New York. Last year alone, over $5.46 billion was invested in 1,085 companies and SBICs supported over 113,000 jobs. As we continue to work to get our economy back on track, we must join together to support small businesses, which drive our nation's economy.…”