Congressman Clyburn Applauds House Passage of Additional Funding for Small Business Program

Jul 8, 2004

(Washington, DC) - House Democratic Caucus Vice Chair James E. Clyburn (D-SC) joined a majority of his colleagues in supporting the House passage of an additional $79 million in funding for the Small Business Administration's 7(a) loan program.  The 7(a) program is the most commonly used SBA loan, and backs billions in loans to small businesses each year. 

"Last month members of the Congressional Black Caucus met in Charleston, South Carolina with more than 250 minority, women, and small business owners. Their top legislative concern was adequate funding for the 7(a) loan program," Congressman Clyburn said. "Their concerns and those of small business owners like them have been heard and the Congressional Black Caucus and the House Democratic Caucus have taken up their cause."

The 7(a) loan program was targeted by the Republican leadership for elimination, which would have devastated the creation of small businesses in America.  Small businesses account for 95% of all our nation's employers and create half of our gross domestic product.

"I am pleased the House recognized the importance of supporting small business growth especially in these economically uncertain times," Congressman Clyburn continued.  "This is an affirmative step to insure that small businesses have access to the financial assistance they need to succeed."

The House voted in favor of the amendment by a 281 to 137 vote.  In addition to funding the 7(a) loan program, Congressman Clyburn is joining the Democratic leadership to support a new tax credit to help small firms purchase affordable health insurance, full funding for the SBA and its other loan programs for minority-owned firms, tax incentives to help manufacturing firms, and measures to reduce paperwork and help smaller firms get government contracts.

#   #   #