Kerry Demands Administration Restore Largest Small Business Lending Progrm

[Feanorcurufinwe]

Sen. John F. Kerry (D- Mass.) today sent a letter to SBA Administrator Hector Barreto objecting to the Small Business Administration's decision to immediately institute a "lending holiday" for the agency's 7(a) loan program because it ran out of money.

"At a time when the country has already lost 3 million jobs, it is astonishing that this Administration would deny small businesses access to loans. Small businesses are the best way for our nation to create jobs and grow our economy," said Kerry, Ranking Democrat on the Senate Committee on Small Business and Entrepreneurship.

<snip>

In the letter, Kerry criticized the Administration for requesting inadequate program funding levels for the program year after year.

"Instead of taking action to avoid repeating past funding problems, in testimony before this Committee, the Administration has repeatedly criticized the industry's projections as excessive and dismissed concerns about the program running out of money," Kerry wrote. "Consequently, when the higher estimates are realized, Congress has been forced to bail out the Administration each year with additional appropriations and emergency legislation."

To ensure that small businesses are able to get the loans they need, Kerry urged Administrator Barreto to exercise his discretion to transfer money from within the agency to fund this program immediately, and to do so without penalizing other programs. Kerry also urged the Administration to seek supplemental funding once Congress is in session so that the program can continue uninterrupted for the remainder of the fiscal year.
http://releases.usnewswire.com/GetRelease.asp?id=134-01072004

Kerry keeps his eye on the ball. You might think in the hectic final weeks before the Iowa caucuses, this kind of thing would slip under the radar. But just as in his response to the how-to-not-pay-overtime scam, Kerry is fighting on every front. Once again showing his capacity to handle the myriad jobs the President has.

[blm]

1. This is a REAL legislator and statesman.

He is well versed in EVERY area, and can call Bush on every issue, with no surprises and no need to study. He already HAS the grasp required.

[sandnsea]

2. Can't fund SBA???

This IS astonishing. I'm not surprised Kerry is right on top of it. He always is. That's why everyone has trusted him to be there for them for 20 years. It's a shame people discard someone who has fought so hard for them so quickly.

[blm]

3. Look at this thread.

How many here really care about real policy? But, POLL numbers is another story.