Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3738) to amend the Small Business Investment Act of 1958 to establish a program for the Small Business Administration to provide financing to support early stage small businesses in targeted industries, and for other purposes, as amended.

Ms. VELAZQUEZ. Mr. Speaker, like the credit markets, the pipeline for equity financing has become clogged. For many entrepreneurs who are looking to turn a good idea into a profitable, job-creating business, venture capital has traditionally been an important source of financing. In today's economy, that funding often isn't there. Venture capital funds are on track to invest between $15 billion and $20 billion in new companies this year. That is between $15 billion and $20 billion less than the previous 2 years. This simply means fewer firms are finding the funds they need to get off the ground. Between January and October of this year, there were 1,100 fewer venture capital deals compared to the same period last year. The legislation offered by Mr. Nye, H.R. 3738, will reverse this troubling trend. Under this bill, the Small Business Administration could begin to act as a partner to private venture capital firms, offering them incentives to help small business startups get off the ground. Through the creation of this new public-private partnership, the SBA can encourage more venture capital firms to begin investing again. The program will also mean larger blocks of funding will be available to businesses in their early growth stages. Helping early stage startups launch is one of our most powerful tools for generating job opportunities. During economic downturns, when larger companies contract and engage in layoffs, startups go in the opposite direction by growing and creating jobs. These early stage businesses also engage in some of the most promising research areas--like defense, medicine, and renewable energy. Advances in these fields mean new products and new jobs. Mr. Speaker, after every previous recession, we have found our way back to prosperity thanks to the risk-takers that do not wait around for the economy to bounce back but go out and start creating a new product or new service. That can only happen when investors are ready to help move new ideas from the drawing board to the marketplace. With this bill, we will help new small businesses launch and start creating new jobs in the short term. I commend the gentleman from Virginia for his work on this legislation. I urge my colleagues to vote ``yes.'' I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield such time as he may consume to the lead sponsor of this bill, the gentleman from Virginia (Mr. Nye).

Ms. VELAZQUEZ. I don't know what bill you read, but your amendment is part of the bill, so I would invite the gentleman to go back and read the bill.

Ms. VELAZQUEZ. Thank you.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I know that he didn't read his language in the bill, but perhaps I might help him understand the bill. SBA doesn't do any investing in this bill. It doesn't pick winners and losers. I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I urge adoption of this bill, and I yield back the balance of my time.

Ms. VELAZQUEZ. Page 11, section 3, ``Prohibitions on Earmarks. None of the funds appropriated for the program established under part D of title III of the Small Business Investment Act of 1958, as added by this act, may be used for a congressional earmark as defined in clause 9(d) of rule XXI of the rules of the House of Representatives.'' Thank you for yielding.

Ms. VELAZQUEZ. Is it correct that this is your language?

Ms. VELAZQUEZ

Ms. VELAZQUEZ. I have an additional speaker. I will yield as much time as he may consume to the gentleman from Rhode Island (Mr. Langevin). (Mr. LANGEVIN asked and was given permission to revise and extend his remarks.)

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, I yield as much time as she may consume to the lead sponsor of this bill, the gentlelady from Pennsylvania (Mrs. Dahlkemper).

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3014) to amend the Small Business Act to provide loan guarantees for the acquisition of health information technology by eligible professionals in solo and small group practices, and for other purposes, as amended.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, on that I demand the yeas and nays.

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, the Small Business Administration has always worked to promote entrepreneurship amongst underrepresented groups and within underserved parts of the country. For this community, small business growth means more than just new jobs; it means economic development. That is why SBA offers a number of programs designed to encourage women and minorities to start their own ventures. H.R. 1834, the Native American Business Development Enhancement Act, builds on that tradition of growth through diversity. As our economy continues to struggle, we need to be creating jobs everywhere we can. This rings especially true amongst underserved groups like Native Americans. After all, few segments of the population are in greater need of job creation. Within the Navajo tribe, the largest in the Native American community, unemployment has long hovered at 50 percent. On certain tribal reservations, it has reached a staggering 80 percent. In a recent speech to various tribal leaders, President Obama stressed the need for Native Americans to become ``a full partner in the American economy.'' Mr. Speaker, what better way to forge that kind of partnership than through entrepreneurship? While their community faces significant challenges, Native Americans have never shied away from starting their own ventures. In recent years, entrepreneurship among Native Americans and Alaska Native women has soared by 69 percent. With this bill, we can build on that growth, supporting the kind of job creation that the Native American community so sorely needs. As of 2002, there were over 200,000 Native American firms nationwide. While those businesses span a broad range of tribes and industries, they are unified in their need for resources like technical assistance and affordable capital. This bill helps them access those tools. Importantly, it establishes an office focused solely on Native American small businesses, one that can address their unique needs head on. Like many small business owners, Native American entrepreneurs have been battered by the recession. As a result, many of these men and women are struggling with obstacles like access to capital. For these business owners, entrepreneurial development programs, such as those that provide training for loan applications, can go a long way in easing challenges. H.R. 1834 puts critical training resources within reach, and tailors them to the specific strengths of the Native American firms. By better customizing these programs, we can give Native American entrepreneurs the tools they need to grow and the resources they need to create jobs. This is an important piece of legislation, and I thank Representative Kirkpatrick for her work in helping it come together. I urge its support, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield as much time as she may consume to the lead sponsor of the bill, the gentlelady from Arizona (Mrs. Kirkpatrick).

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1842) to amend the Small Business Act to improve the Small Business Administration's entrepreneurial development programs, and for other purposes, as amended.

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, entrepreneurial development initiatives, or ED programs, provide critical services for aspiring entrepreneurs seeking to launch a new enterprise. These programs also help established businesses that are trying to expand and create new jobs. By helping small firms flourish, the SBA's ED services will be vital to sustaining our economic recovery. But for this to happen, the SBA must use its resources effectively. This is especially true during economic downturns. After all, when money is scarce, we want to make sure the taxpayer gets the most job-creating bang for their buck. We already know that ED initiatives are a wise investment. Every dollar put into these programs returns $2.87 to the U.S. Treasury. The legislation that we are considering today will make these programs even more responsive, so that they better meet the needs of small business owners. H.R. 1842 will bring enhanced coordination to the SBA's portfolio of ED services. In order for these initiatives to perform at their full potential, we have to know what is working and what could function better. This bill takes important steps in that direction. Requiring the SBA to collect data will provide important insights into the strengths of the ED program and highlight where there is room for improvement. The bill also instructs the SBA to develop a plan outlining how to use ED initiatives to create new jobs over the next 2 years. Given the current state of the economy, it make sense that the agency focus on using ED to expand employment options. The bill will also reduce duplication between different ED initiatives. By verifying that the SBA's right hand knows what the left hand is doing, we will further leverage the agency's resources and channel more support to small businesses. Mr. Speaker, this is a good bill. It puts in place some commonsense steps that are badly needed at SBA. Most importantly, this bill will ensure the SBA's programs do a better job of helping businesses. I think all of us can stand behind that goal. I urge my colleagues to vote ``yes.'' I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.

Ms. VELAZQUEZ. Mr. Speaker, when first starting out, entrepreneurs often struggled with basics, like marketing their services, accessing capital, and learning to navigate the tax code. In the earliest stages of development, mistakes in these areas can mean the difference between a venture's success and its failure. That is why the SCORE program was established to help fledgling business owners learn the ropes of entrepreneurship. By matching new business owners with practiced hands, SCORE helps entrepreneurs trade best practices and learn from the mistakes of their forerunners. The program functions as a mentoring service, one that allows retired business owners to continue giving back to their communities. This is a laudable goal to be sure. But unfortunately, SCORE has not kept pace with the shifting marketplace. H.R. 1839 will update and enhance the program, tailoring it to meet the needs of today's entrepreneurs. With the economy in flux, small firms require specialized training in areas not previously offered. To begin, technology plays a vastly more important role in entrepreneurship than it has in the past. This bill recognizes that fact and modernizes the SCORE to deliver the kind of training that is critical to doing business in the information age. Just as the business world is changing, so, too, is the face of entrepreneurship. In recent years, we have seen a surge in the number of women and minorities starting their own firms; and yet for some reason, SCORE has failed to reflect that trend. Mr. Buchanan's bill will promote greater diversity within the program. That way, we can better match small business owners with mentors and be sure every entrepreneur, regardless of race, gender, industry or region, has access to the specialized resources they need to be successful. This bill helps train the next generation's small business innovators. It allows them to sidestep the pitfalls of early entrepreneurship and get straight to work doing what they do best: creating jobs and growing our economy. H.R. 1839 is an important piece of legislation, and I thank Representative Buchanan for his contribution. I urge support and reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1839) to amend the Small Business Act to improve SCORE, and for other purposes, as amended.