Small Business Financing And Investment Act Of 2009
Floor Speech
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Mr. Chairman, I yield myself such time as I may consume.
I would like to thank the chairwoman of the committee and the committee for their hard work and leadership in introducing this important bill that will give small businesses greater access to capital.
H.R. 3854, the Small Business Financing and Investment Act of 2009, establishes an early-stage investment program that will provide financing to support small businesses in targeted business sectors. By investing in fledgling companies, America's small businesses will be able to grow and create jobs.
I rise today in support of my amendment to H.R. 3854, which would add photonics technology to the list of targeted industries qualified to receive grants under the new early-stage investment program.
Photonics technology, which includes fiber optic communications and laser technology, is a key industry in central Florida and is a supporting technology for almost every industry, including energy, telecommunications, health care, robotics, astronomy, aerospace, and defense.
According to the Opto-electronics Industry Development Association, the fast-growing, global photonics market is estimated to be worth half a trillion dollars today. In Florida alone, photonics provides over 27,000 jobs and brings billions of dollars to our State each year. We must ensure that America remains competitive in this industry and that, as the market expands, American small businesses and workers benefit.
Numerous small businesses in the photonics industry are at the very early stages of development, and therefore, they need this support and access to capital in order to grow and become profitable. By including photonics in the list of targeted business sectors, we will ensure that the photonics industry will continue to play a vital role in developing new technologies for use in every area of our economy. And this bill and my amendment will give small businesses in this industry the opportunity to succeed.
Again, I commend the chairwoman and the committee for the bill. I ask my colleagues for their support of this amendment.
I reserve the balance of my time.
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