Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, while not opposed to the amendment, I ask unanimous consent to claim the time in opposition.

Ms. VELAZQUEZ. Mr. Chairman, small businesses are our Nation's most prolific innovators. Time and time again, they have pioneered new fields, developed new products and achieved important technological breakthroughs. Today, small businesses are breaking new ground in the energy sector. As our Nation undergoes a green revolution, small businesses are leading the way in developing solar power. They are blazing the trail in the development of wind power and biodiesel, and renewable fuel industries are dominated by small businesses. Just as small firms are on the leading edge of developments in the energy sector, they also play an active role in the development of new medicines and medical devices. The gentleman from Minnesota is suggesting that the SBA look into the feasibility of an initiative to help raise capital for entrepreneurs in the medical field. Given the important role that small firms play in this arena, at least exploring the possibility of an SBA program to assist them in capital formation seems prudent. I urge adoption of the amendment. I yield to the gentleman from Missouri for any comments that he might have.

Ms. VELAZQUEZ. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ. Madam Chair, if the gentleman is prepared to yield back, we are prepared to accept the amendment.

Ms. VELAZQUEZ. Madam Chair, I urge adoption of the amendment. I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, while not opposed to the amendment, I ask unanimous consent to claim the time in opposition.

Ms. VELAZQUEZ. Madam Chair, young people have been acutely affected by this recession. Americans graduating from high school or college face one of the most challenging job markets in decades. In some communities, this problem is driving recent graduates to other parts of the country as they seek economic opportunity. This means that communities which are hard hit by the downturn will have even more difficulty as they are deprived of their next generation of workers. This drain of young talent presents additional challenges for local economies that are struggling to recover. Entrepreneurship can provide another option for young people who are living in economically hard-hit areas. However, younger individuals also face unique challenges in starting or launching their own businesses. Finding affordable loans without an established credit history can be an obstacle. Many young people may not have the large reserves of capital that older, more established entrepreneurs have. In addition, younger entrepreneurs may not have as much experience in the job market. All of these factors present difficulties to young Americans who want to go into business for themselves. By creating an initiative through the SBA's Microloan Program, this amendment will help overcome these problems. With appropriate guidance and assistance, many young Americans can go into business for themselves. This amendment also recognizes the capital constraints that many young entrepreneurs face. It gives a younger entrepreneur who qualifies for the Microloan more time for repayment. Madam Chair, our Nation's greatest resource has always been our young people. They will certainly play a vital role in lifting our Nation out of the current downturn. This amendment will give more young Americans the opportunity to launch their own ventures. This is a good amendment, and I support its adoption. I now yield to the gentleman from Missouri for any comments that he may have.

Ms. VELAZQUEZ. Madam Chair, we are prepared to accept this amendment, and I urge its adoption and support. I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, while not opposed to the amendment, I ask unanimous consent to claim the time in opposition.

Ms. VELAZQUEZ. Madam Chair, virtually every sector of the economy has suffered at the hands of the downturn. The construction industry, however, has seen some of the most significant declines. According to a study by the Associated Equipment Distributors, two out of every 25 jobs lost in the recession were construction jobs. Nationwide, the industry has shed 37 percent of its workforce. Those losses are larger than either the automobile or financial sectors. Clearly, we need to be addressing this issue. By providing better terms for 7(a) loans, this amendment will give small construction firms the flexibility to hire new workers. Allowing these businesses to defer repayment for up to 12 months also means they have greater capital for new investments. After all, equipment purchased, items such as cement mixers and bulldozers, are expensive. Most small firms rely on loans in order to buy these items. With the housing market recovering and the new transportation bill working its way through Congress, we should see new opportunities for small construction firms. Mr. Kissell's amendment gives the resources they need to take advantage of those opportunities, and I urge my colleagues to support it. I yield to the gentleman from Missouri for any comments that he might have.

Ms. VELAZQUEZ. If the gentleman is prepared to yield back, we are prepared to accept the amendment. I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, while not opposed to the amendment, I ask unanimous consent to claim the time in opposition.

Ms. VELAZQUEZ. Certainly times are tough and many Americans are hurting because of the economic downturn. But, as they have done before, American entrepreneurs will lead us out of this downturn and begin rebuilding our economy. This amendment is about harnessing the job-creating potential that exists in communities that are suffering the worst of the downturn. It is about using the American entrepreneurial spirit to deliver hope to places that need it most. As part of the Recovery Act, we aimed to help small businesses with short-term, interest-free loans. So far, this program has funneled $115 million to 3,500 businesses. With this amendment, we will make more of these loans available to businesses in economically distressed areas. By giving these businesses more time to start repayment, we will provide them a better chance to stay afloat and ultimately grow and create jobs. This is a good amendment. I thank the gentleman from Michigan for offering it. I urge its adoption. I now yield to the gentleman from Missouri for any comments that he may have.

Ms. VELAZQUEZ. Madam Chair, I yield 1 minute to the gentleman from Michigan (Mr. Schauer).

Ms. VELAZQUEZ. Madam Chair, I yield 1 minute to the gentleman from Michigan (Mr. Kildee).

Ms. VELAZQUEZ. Madam Chair, if the gentleman from Michigan is prepared to yield back, we are prepared to accept the amendment.

Ms. VELAZQUEZ. I urge adoption of the amendment, and I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, we are prepared to accept the amendment if the gentlelady from Michigan is prepared to yield back.

Ms. VELAZQUEZ. I urge adoption of the amendment, and I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, if the gentlelady from Michigan is prepared to yield back, we are prepared to accept the amendment.

Ms. VELAZQUEZ. I urge adoption of the amendment, and I yield back the balance of my time.

Ms. VELAZQUEZ. Madam Chair, while not opposed to the amendment, I ask unanimous consent to claim the time in opposition.

Ms. VELAZQUEZ. Madam Chair, I yield 1\1/2\ minutes to the gentleman from Louisiana (Mr. Cao).

Ms. VELAZQUEZ. Madam Chair, I yield 1 minute to the gentleman from Florida (Mr. Mario Diaz-Balart).

Ms. VELAZQUEZ. Madam Chair, if the gentleman from Virginia is prepared to yield back, we are prepared to accept the amendment.