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Public Statements

Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Location: Washington, DC

STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS -- (Senate - October 21, 2009)

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By Mr. KERRY:

S. 1831. A bill to amend the Small Business Investment Act of 1958 to reauthorize the venture capital program, and for other purposes; to the Committee on Small Business and Entrepreneurship.

Mr. KERRY. Mr. President, our country's small businesses continue to struggle with access to credit and capital for maintaining and growing their businesses. Small businesses are the engine of our economy and a key factor in addressing unemployment. They employ more than half of all private sector employees and have generated approximately 64 percent of the net new jobs over the past 15 years. We should be doing more to aid small businesses so they can not only stay on their feet but also flourish to their full potential.

That is why I am reintroducing the Small Business Venture Capital Act, which reauthorizes the New Markets Venture Capital Program and promotes geographic equity so businesses across the country may benefit from the program. This program addresses the market gap in venture capital for companies located in low- and moderate-income, rural, and urban areas--i.e., high unemployment areas--as well as the need for smaller deals that neither traditional venture funds nor the SBIC Program will make. It has proven successful so far, and we need more community development venture capital to create sustainable, high-quality, local jobs.

Without this Government partnership, these investments are not going to be done. Particularly at a time when our economy is pressured and hurting, when we need to create jobs, I encourage my colleagues to support this bill. Last Congress, this bill came out of the Small Business Committee in a totally bipartisan fashion and it is my hope that this time we complete the process.

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