Providing For Consideration Of H.R. 3854, Small Business Financing And Investment Act Of 2009

Floor Speech

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Mr. COSTA. Mr. Speaker, I rise on the rule to support the underlying bill, H.R. 3854, the Small Business Financing and Investment Act of 2009. This is an important piece of legislation that will provide our country's small businesses with additional tools that they need during these uncertain economic times.

I'm particularly pleased that the Rules Committee adopted an amendment that I authored and included it in Chairwoman Velázquez' manager's amendment. I want to thank her and commend her for her hard work on this important piece of legislation.

The amendment that has been included gives priority to small businesses applying for stabilization loans in cities that have been hit especially hard by high levels of unemployment. For cities in my district and in the San Joaquin Valley, like Delano, Firebaugh and Mendota, that have over 30 percent unemployment, this will be an additional help for the struggling small businesses in those communities. But in communities throughout the country that are experiencing high, above-average unemployment levels, it will of course be very helpful.

Overall, the legislation helps facilitate small businesses by lending, by bolstering vital programs within the SBA, the Small Business Administration. It also encourages small lenders to participate in programs to help rural businesses and veteran-owned businesses to secure loans, loans which have been difficult for them to obtain. This bill is expected to produce over $44 billion in lending to small businesses across the country, help create jobs and get our economy back on the path to recovery.

I ask for an ``aye'' vote.

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