Robert Weygand: “I rise in support of H.R. 2261, the Small Business Programs Reauthorization and Amendments Act of 1997. First, I would…”

“I rise in support of H.R. 2261, the Small Business Programs Reauthorization and Amendments Act of 1997. First, I would like to thank Chairman Talent and Mr. LaFalce for their leadership and for producing a bill that will undoubtedly benefit all small businesses. This bill reauthorizes the Small Business Administration and its programs which provide access to capital and services that might not otherwise be available to small business owners. To highlight the SBA's importance, I would like to showcase what the SBA is doing in my district, in Rhode Island. Over the past 4 years there have been significant increases in the number of Small Business Administration loans awarded. In fact the number of loans has more than doubled. In 1993, there were 115 approved loans totaling $32.6 million, in 1996, there were 292 loans totaling $53.3 million. Importantly, in my district alone there have been dramatic improvements in access to capital for women, minorities, and veterans. In 1993, there were 8 loans to minorities, 17 to women, and 14 to veterans. In 1996, we had 16 loans to minorities, 40 to women, and 46 to veterans. That is, nearly 35 percent of all approved SBA loans are going to these three groups. By reauthorizing these programs we will continue to provide the access to capital that those groups need allowing us to expand opportunities to women, minorities, and veterans. I cannot overstate the impact of small business on Rhode Island's economy.”