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1 (2011)

handle is hein.cbhear/fdsysaqqp0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION GP FINANCIAL SERVICES AND GENERAL GOV- ERNMENT APPROPRIATIONS FOR FISCAL YEAR 2012 WEDNESDAY, MAY 25, 2011 U.S. SENATE, SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS, Washington, DC. The subcommittee met at 10 a.m., in room SD-138, Dirksen Sen- ate Office Building, Hon. Richard J. Durbin (chairman) presiding. Present: Senators Durbin, Moran, and Kirk. SMALL BUSINESS ADMINISTRATION STATEMENT OF HON. KAREN G. MILLS, ADMINISTRATOR, SMALL BUSI- NESS ADMINISTRATION OPENING STATEMENT OF SENATOR RICHARD J. DURBIN Senator DURBIN. Good morning. I'm pleased to convene this hear- ing of the Appropriations Subcommittee on Financial Services and General Government. Today we're going to examine funding pro- vided for small business and community development programs under our jurisdiction. I welcome my Ranking Member, Senator Jerry Moran of Kansas. And other colleagues may join us during the course of the hearing. Also, we welcome the Small Business Administrator, Karen G. Mills and the Director of the Department of the Treasury's Com- munity Development Financial Institutions Fund (CDFI), Donna J. Gambrell. I'll welcome the second panel of witnesses in short order. In the face of recent pressure to reduce the deficit, we have tried to focus on those programs which make a difference and have an impact on communities. I have supported the Small Business Ad- ministration (SBA) and the CDFI Fund programs because I think they produce real outcomes. But, we continue to ask the hard ques- tions and demand proof that is what is actually happening. For the SBA for fiscal year 2011, we were able to maintain fund- ing at the 2010 level, despite the need to make some painful cuts in other parts of the budget. Put simply, small businesses, we be- lieve, are the key to economic recovery. Small businesses create nearly 2 out of every 3 new jobs, employ one-half the Nation's pri- vate sector workforce, and generate 44 percent of private payroll. The SBA has been on the front line of this economic crisis, working to help small business owners. Small businesses have faced some difficulty gaining access to capital, and turned to the SBA for help.

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