Political Quotes

“Mr. Speaker, this is a technical corrections bill, and though it is important work, it need not occupy a great deal of the House's time. H.R. 440 is the same bill that the House passed on February 9 of this year by an overwhelming margin. H.R. 440 corrects the provisions of the loan loss reserve requirements of the microloan program at the Small Business Administration. The microloan program was established as a pilot program in 1991 and made permanent in 1997. It provides small loans under $25,000 to the Nation's smallest entrepreneurs. These loans are made through SBA-certified and -approved nonprofit lending and business development intermediaries. These intermediaries borrow funds from the SBA and, in turn, lend those funds to small businesses. In order to protect taxpayer assets, the intermediaries are required to maintain a loss reserve based on the amount of microloans they have outstanding.”