Nydia M. Velazquez: “I thank the ranking member for yielding. Mr. Chairman, I rise to oppose a budget that will cut the legs out from under…”

“I thank the ranking member for yielding. Mr. Chairman, I rise to oppose a budget that will cut the legs out from under our Nation's small businesses. This budget would mean $10 billion of cuts to initiatives that foster small business growth. Taken together, these reductions would mean 190,000 fewer jobs created. For many would-be business owners, the SBA's entrepreneurial development centers provide critical training and guidance; yet this budget would shortchange those programs, removing local resources that allow small businesses to take root and grow in our communities. Nationally, Small Business Development Centers and Women's Business Centers would see cuts of $195 million. This would mean 16,000 fewer small businesses are able to launch, while 150,000 existing small companies would be deprived assistance that speeds their growth. Beyond technical assistance, small firms need capital to expand. Sadly, this budget also undermines credit programs. New York City alone would see a $22.5 million reduction in microloans--microloans. Do you know that 62 percent of microloan borrowers are women, low-income women with a default rate of less than 3 percent? Shame on us. This lending helps the smallest businesses create opportunity in economically stricken communities. So it only makes sense that this budget, which targets the most vulnerable, would slash this program too. Small businesses would suffer in other ways.…”