Small Business

Business has played an integral role in my personal life and professional career. As a graduate of the Wharton School of Finance, a small business owner, and a member of the House Financial Services Committee, I understand the vital role small businesses play in our economy. As a representative for Metro Atlanta, I have seen economic development spurred by the vitality of small businesses help the city gain greater national significance. The large growth in minority-owned businesses significantly contributed to this outstanding growth. According to the Atlanta Regional Commission, in the last 5 years, minority owned businesses increased by 72 percent. I pledge to promote this important growth in the Atlanta area and remain fully committed to ensuring that small businesses continue to thrive.

The relationship between minority-owned businesses and the federal procurement marketplace continues to strengthen. In general, small firms were awarded $79.6 billion in contracts, according to data from the Federal Procurement Data System-Next Generation. Small disadvantaged businesses met the 5 percent goal, reaching 6.91 percent or $21.71 billion. Participants in the SBA 8(a) program were awarded 3.33 percent of the total FY 2005 procurement dollars. In light of these promising figures, in the 110th Congress I was pleased to vote for H.R. 1873, the Small Business Fairness in Contracting Act, as it would go further to raise the goal for contracts awarded to minority and women-owned businesses from 5 to 8 percent. Also in the 110th Congress, I was pleased to support H.R. 1332, the Small Business Lending Improvements Act, in an effort to improve access to SBA capital, including the 7(a) and 504 finance programs. Small businesses drive our economy and are vitally important to my home state of Georgia. The 7(a) Loan Program brought in $562.8 million in loans to Georgia last year alone. This legislation also expands opportunities for special loans for socially and economically disadvantaged small business owners.

Going forward in the 111th Congress, I will continue to advocate for improving access to capital for small business owners, providing affordable health care coverage to small businesses and creating educational opportunities for students interested in business.