Video archive of the US Congress

Senate Proceeding on Mar 16th, 2011 :: 6:35:35 to 6:39:40
Total video length: 9 hours 34 minutes Stream Tools: Stream Overview | Edit Time

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Mark Pryor

6:35:31 to 6:35:51( Edit History Discussion )

Mark Pryor: the presiding officer: without objection. the clerk will report the amendment. the clerk: the senator from arkansas, mr. pryor, proposes an amendment numbered 229. on page 116, after line 24 -- mr. pryor: madam president, i ask that the reading be dispensed with. the presiding officer: without

Mark Pryor

6:35:35 to 6:39:40( Edit History Discussion )
Speech By: Mark Pryor

Mark Pryor

6:35:52 to 6:36:12( Edit History Discussion )

Mark Pryor: objection. mr. pryor: madam president, i want to thank senator landrieu and senator snowe for their efforts to get this bill to the floor and handle these amendments and just showing the leadership we need to try to really focus on small business.

Mark Pryor

6:36:13 to 6:36:33( Edit History Discussion )

Mark Pryor: i'm convinced if we are going to get this full economic recovery that we all want to see, the private sector and especially small business is going to have to drive that recovery. and that brings me to the amendment that i've filed today and have called up. in 2007, there were roughly

Mark Pryor

6:36:34 to 6:36:54( Edit History Discussion )

Mark Pryor: 25,000 veteran-owned small businesses in my state. so you can do the math on that. there's probably 2 million around the country -- or more, maybe 3 million around the country veteran-owned small businesses. in 2007, the s.b.a. created the patriot express pilot loan

Mark Pryor

6:36:55 to 6:37:15( Edit History Discussion )

Mark Pryor: initiative for members of the military community. that's part of the 7-a program. my amendment would move that patriot express loan program from a pilot program to a fully authorized one, and this would ensure that veterans and members of the military community continue to have the ability to

Mark Pryor

6:37:16 to 6:37:36( Edit History Discussion )

Mark Pryor: access capital when starting a new business or even when operating an existing one. the patriot express pilot program has been a very successful program issuing close to 7,000 loans valued at $560 million and increasing veteran participation in the s.b.a. programs. the amendment would make the

Mark Pryor

6:37:37 to 6:38:00( Edit History Discussion )

Mark Pryor: patriot express loan program available to all members of the military community, including active and nonactive members, veterans, spouses, and children, widows and widowers of service members. it would increase the maximum loan amount from $500,000 to $1 million. it would guarantee rates would

Mark Pryor

6:38:01 to 6:38:21( Edit History Discussion )

Mark Pryor: be 85% for loans of $500,000 or less and 80% for loans over $500,000 up to $1 million. it would also reduce the fees imposed by the s.b.a. for autumn veterans to 75% of the fees otherwise applicable under the 7-a and express programs.

Mark Pryor

6:38:22 to 6:38:43( Edit History Discussion )

Mark Pryor: this is a wa way that we can really help our men and women in uniform. one of the reasons i think this particular pilot program has been a success is because obviously these folks are hardworking, they're disciplined, well-trained, they're serious because of they've been through for our country. but also one of the reasons that i think makes this compelling is

Mark Pryor

6:38:44 to 6:39:04( Edit History Discussion )

Mark Pryor: that they've given years of their lives to military service. if you're in the reserve or national guard, these can be very disruptive years. it is really hard to get anything going, in some cases hard to maintain a job over a period of years because they're being deployed and they're back and forth and doing the training arntiondz you noshing the requirements of the -- and, you

Mark Pryor

6:39:05 to 6:39:26( Edit History Discussion )

Mark Pryor: know, the requirements that the country that is put on them has required them a very disruptive, what otherwise would be very strong earning years where they can be building their businesses. so this pilot program has been very effective and successful in providing access to capital, speeding the process along for our men and women in uniform.

Mark Pryor

6:39:27 to 6:39:40( Edit History Discussion )

Mark Pryor: and we want to encourage small business ownership. we want to encourage that innovation and i think this is a great way to do it. again, this is a program that's been on the books. it's proven to be successful. and we certainly hope that we

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