Nydia M. Velazquez: “Mr. Speaker, as a strong supporter of SBA 504 loan programs, I rise in support of House Resolution 533. The 504 program…”

“Mr. Speaker, as a strong supporter of SBA 504 loan programs, I rise in support of House Resolution 533. The 504 program is one of the most important small business loan programs administered by the Small Business Administration. It represents access to capital for countless entrepreneurs who might not otherwise have a chance to turn their dreams into reality. Since 1980, over 25,000 businesses have received more than $20 billion in fixed-asset financing through the 504 program. Mr. Speaker, in August of last year, the House passed a clean bipartisan bill to reauthorize the 504 loan program. That original House bill, which passed under suspension of the rules, was supported by the administration as well as by small businesses and the participating lenders. The changes made to the legislation streamlined the program, and they also recognized the role that women-owned businesses play in the economy by making lending to women owners a public policy priority. In addition, the bill increased the loan sizes from $750,000 to $1 million to keep the pace with inflation and allow more businesses the access to the critical capital they need to expand their business.”