Video archive of the US Congress

Senate Proceeding on Sep 15th, 2010 :: 0:48:00 to 0:55:15
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Benjamin L. Cardin

0:47:51 to 0:48:12( Edit History Discussion )

Benjamin L. Cardin: small businesses, and just to bring to the -- mrs. hutchison: mr. president, could i interinterrupt f moment? if i would like to ask unanimous consent to put the g.a.o. report in the record with my remarks. the presiding officer: the senator from texas. any objection? mrs. hutchison: thank you, mr. president. and thank you again, senator cardin. the presiding officer: the senator from maryland.

Benjamin L. Cardin

0:48:00 to 0:55:15( Edit History Discussion )
Speech By: Benjamin L. Cardin

Benjamin L. Cardin

0:48:13 to 0:48:33( Edit History Discussion )

Benjamin L. Cardin: mr. cardin: let me repeat, i take this time first to thank senator landrieu for her persistence in bringing forward legislation that will help small businesses. we're on the verge i hope this week to finally pass in the senate legislation that will help the small businesses in our country. h.r. 5297 that is now before us, and hopefully we're going to be

Benjamin L. Cardin

0:48:34 to 0:48:54( Edit History Discussion )

Benjamin L. Cardin: able to get this legislation through the united states senate. what this bill really does is create jobs. i'm proud to serve on the small business committee, and we have been working long and hard. many of the provisions that we have supported in our committee on a strong bipartisan basis is included in the legislation that's now before us. this bill is about helping small

Benjamin L. Cardin

0:48:55 to 0:49:16( Edit History Discussion )

Benjamin L. Cardin: businesses so that we can create more jobs for our community. i think my colleagues will all agree and acknowledge that more jobs are created through small companies than through large companies, and if we are going to be able to grow our economy, we have to help our small businesses. it's also known that innovation

Benjamin L. Cardin

0:49:17 to 0:49:38( Edit History Discussion )

Benjamin L. Cardin: is more likely to come from the opportunities from small companies, so we really need to pay attention and help our small companies help our economy grow. the bill that is before us incorporates many of the provisions that have been voted on in a bipartisan way by the small business committee, but let me tell you this.

Benjamin L. Cardin

0:49:39 to 0:49:59( Edit History Discussion )

Benjamin L. Cardin: i have traveled the state of maryland. during our august time when we were back in our states, i had a chance to visit all parts of the state of maryland and visited many small business owners. the number one issue they continue to raise with me is the availability to be able to borrow money, to get credit for their businesses to expand. we spend a lot of time trying to

Benjamin L. Cardin

0:50:00 to 0:50:20( Edit History Discussion )

Benjamin L. Cardin: help the wall street bankers, but quite frankly, mr. president, it hasn't gotten to the small business owners. they are not able to get the type of loans at an affordable cost so that they can expand their businesses. this bill will help. this bill provides strength to the s.b.a. i think all of us agree the small business administration

Benjamin L. Cardin

0:50:21 to 0:50:42( Edit History Discussion )

Benjamin L. Cardin: has the tools to help small companies, but we need to give them tools that can work in the current economy. so this legislation extends the 7-a loans under the s.b.a. from $2 million to $5 million. the 504 loans from $1.5 million to $5.5 million, and the microloans -- they might not

Benjamin L. Cardin

0:50:43 to 0:51:03( Edit History Discussion )

Benjamin L. Cardin: seem like a lot of money. $35,000 to $50,000. but that could be the key piece of the puzzle necessary for a company to start or expand and create more jobs in our community. the legislation also extends the s.b.a. guarantees to 90% and waives the costs so that we can

Benjamin L. Cardin

0:51:04 to 0:51:25( Edit History Discussion )

Benjamin L. Cardin: make it affordable. the legislation sets up an intermediary lending program so that we encourage banks to make more loans to small businesses. in all, it's estimated that it will generate $5 billion of credit for small business, creating 300,000 jobs. that's quite a -- quite a step forward, quite an important step

Benjamin L. Cardin

0:51:26 to 0:51:46( Edit History Discussion )

Benjamin L. Cardin: forward to help our communities. in addition, mr. president, the legislation includes helps to our states. in the state of maryland, we have our own program. governor o'malley has a program that's aggressively helping small companies in maryland. the problem is, as you know, state budgets are strapped. this bill provides $1.5 billion more for the programs our states

Benjamin L. Cardin

0:51:47 to 0:52:07( Edit History Discussion )

Benjamin L. Cardin: are operating in order to expand those programs. that will be leveraged to far more than $1.5 billion of new credit to small companies. it will be -- provide substantial help in maryland and all the states of our nation. the bill also deals with a continuing problem of contracting.

Benjamin L. Cardin

0:52:08 to 0:52:29( Edit History Discussion )

Benjamin L. Cardin: if you're a small company, you try to get a contract with the federal government, you don't have a lot of contract officers in your business, you're trying to be very efficient. you need help so you get a fair shake in bidding for a federal contract. unfortunately, today there have been abuses known as bundling where agencies have bundled together a lot of small contracts into a large contract,

Benjamin L. Cardin

0:52:30 to 0:52:51( Edit History Discussion )

Benjamin L. Cardin: making it very difficult for a small company to get any part of that federal contract. in addition, there is prime contractor abuse and not paying the subcontractors which are generally more likely to be the smaller companies on time. this legislation incorporates the work of our committee to

Benjamin L. Cardin

0:52:52 to 0:53:12( Edit History Discussion )

Benjamin L. Cardin: make it easier for federal procurement officers to enter into contracts with small businesses. the proposal is estimated to create another 100,000 jobs in our community. this is what we need to do. these aren't partisan issues. i don't know of anyone who disagrees with our efforts to try to help small businesses with more credit or make it easier for them to deal with the

Benjamin L. Cardin

0:53:13 to 0:53:33( Edit History Discussion )

Benjamin L. Cardin: federal government. one other major part that will create jobs in our community is to make it easier for small companies to be in exporting goods to other countries. we all talk about keeping jobs in america. let's not outsource. let's keep the jobs right here in america. again, if you're a small company, you're trying to get through the bureaucracy of

Benjamin L. Cardin

0:53:34 to 0:53:55( Edit History Discussion )

Benjamin L. Cardin: exporting, it can become very difficult. this legislation makes it easier for our small companies to be able to participate in international trade. keeping jobs here in america, creating more jobs, helping our economy, reducing the balance of payment problem we have with other countries, it's a win-win-win situation for the u.s. economy. in addition, this legislation provides tax relief for small

Benjamin L. Cardin

0:53:56 to 0:54:16( Edit History Discussion )

Benjamin L. Cardin: companies, tax relief. you all talk about that. it makes higher deductions for start-up costs so businesses, small companies can start companies, knowing that they will get a help from the federal government as far as tax relief. it provides text equity for small companies in the deductions of their health insurance costs and allows for

Benjamin L. Cardin

0:54:17 to 0:54:37( Edit History Discussion )

Benjamin L. Cardin: the continued write-off of capital expenditures that are included in the recovery act. so, mr. president, there is a lot of tools that help small companies grow, but here is the good news. it's done without adding any money to the deficit of the country. it's totally paid for. we all understand we have got to energize growth of jobs in our

Benjamin L. Cardin

0:54:38 to 0:54:58( Edit History Discussion )

Benjamin L. Cardin: economy, but we can't do it at the cost of raising the deficit. this bill provides the tools but makes sure that we don't add to the deficit of the country, again, strengthening the underlying economy so that we get true job growth. mr. president, i really want to thank all that have been responsible in helping bring this bill together.

Benjamin L. Cardin

0:54:59 to 0:55:15( Edit History Discussion )

Benjamin L. Cardin: i think it's an important step forward in creating new jobs and helping our economy grow and helping small companies help our country. i'm proud to support this legislation and hope we can move it quickly this week and get the tools out there, helping our

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