April 25, 2005

In June of 2003 the SBA and the Conference of Mayors signed a Memorandum of Understanding in a collaborative effort to foster small business growth and development. The Conference of Mayors through its Partner Americaª Program works with mayors through out the country to assist small businesses in their cities by promoting profitability, growth and job expansion. For more information regarding the Partner America Program please contact Jeff Bean, Managing Director at jbean@usmayors.org.

America's small businesses play a vital role in creating opportunities and leading the economic recovery, generating two-thirds of all net new jobs. More Americans are working today than ever and the U.S. Small Business Administration (SBA) is helping to create an environment in which entrepreneurship can flourish by strengthening our Nation's new and existing small businesses. President Bush and I know that small businesses are at the heart of our Nation's economic growth and are helping our citizens succeed.

The Bush Administration is committed to keeping small businesses vibrant and strong. As President Bush recently stated in the Small Business Week proclamation, "We have provided tax relief and streamlined tax reporting requirements for small businesses. We are working to reduce the burden of unnecessary regulation and excessive litigation. We are working to make health care more available and affordable. We are also opening up markets for U.S. products through free trade agreements and by enforcing existing trade laws. And, we have promoted a culture of ownership so that more people can own their own homes and start their own businesses."

Capital is the lifeblood of small businesses, and every time the SBA approves a loan that means another small business has a chance to grow and contribute to the economy and their communities. Last fiscal year, the SBA closed out a record'shattering year and continued to build upon a steady stream of accomplishments, providing about twice as many loans to small businesses as in FY 2001. The agency surpassed its previous lending records in both the flagship 7(a) and 504 loan programs, and established volume records in loans to women, minorities, and veterans. Last fiscal year, over $16 billion was made available to small businesses, a record. The number of loans made under each program was a record as well. The good news is that we're on track to break records this fiscal year too. What these figures demonstrate is continued confidence on the part of the American entrepreneurs who contribute to economic growth and job creation.

The SBA is also working to provide technical assistance, training, education and counseling through our nationwide network of resource partners and a wide array of online tools. Last fiscal year, over 2 million entrepreneurs were served. In addition, we continue to strive to make all possible federal contracting opportunities available to small businesses.

The Conference of Mayors and the American public should be assured that under President Bush's leadership, we're working to create an environment where small businesses can grow and flourish. This is what the ownership society is all about, where everyone that works hard can have a stake in their future. The end result is stronger communities with more opportunities for prosperity.

Hector V. Barreto was a small business owner and is now the 21st Administrator of the Small Business Administration For more information regarding the SBA go to www.sba.gov.