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Ms. VELÁZQUEZ. Mr. Speaker, I yield myself such time as I may consume.
Veterans play a significant role in the U.S. economy. They own 2.4 million businesses, employ 5.8 million people, and have generated well over $1 trillion in receipts.
Like most small businesses, access to capital is still hard to come by, yet is vital to their existence, paving the way for growth and continued job creation. As the Federal Government's main provider of small business assistance, the SBA guarantees loans to veteran-owned businesses through a number of lending programs.
In 2013, the agency's 7(a) program provided over 2,000 veterans with loans, totaling $600 million. This, however, represented only 4 percent overall. In an effort to increase veteran lending volume, the SBA has waived the borrower fees paid by veterans on small-dollar and SBA Express loans.
In 2014, the impact of the waiver was a mixed bag. While veterans saw a 23 percent increase in loans of $150,000 or less, the program experienced an 8 percent decrease in veteran loans overall. The initiative has had more success this year with veteran lending seeing a 20 percent increase, which is outpacing the 7(a) program's overall growth.
To build on that trend, H.R. 2499 will make the fee waiver permanent for veterans who are seeking an SBA Express loan. It will reduce costs, spur more veterans to borrow, and, in turn, will grow businesses and create jobs.
I want to thank Chairman Chabot for introducing this bill to keep more dollars in veteran entrepreneurs' hands. We know that every little bit counts when trying to start or to grow a small business, and I cannot think of a group that is more deserving than that of our veterans.
I reserve the balance of my time.
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Ms. VELÁZQUEZ. Mr. Speaker, in closing, the 7(a) loan program provides a critical source of capital for our veterans.
This year the SBA lending to veteran-owned firms is on track to exceed $1 billion for the first time ever. Today's bill will save veterans millions of dollars every year at no cost to the taxpayers.
That means that veteran-owned businesses can invest or reinvest this money into their businesses. Our Nation's veterans are some of the most prolific small business creators, establishing thousands of firms every year.
I would like to thank Chairman Chabot for taking steps to expand access to capital for this important group of job creators. I look forward to working with him and our colleagues in the Senate to move this legislation forward.
I would also like to take this opportunity to thank all of the staff of the Small Business Committee for their hard work, especially a staff member on my side, Justin Pelletier.
I urge a ``yes'' vote.
I yield back the balance of my time.
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