Vowing To Help Small Businesses

It is truly an honor to be named Chair of the U.S. House Small Business Committee for the 110th Congress. I have had the privilege of serving as the Ranking Member of this committee since 1998, working to better the environment for New York's and this nation's 26 million small businesses.
Right here in New York, there are nearly 2 million small businesses driving our economy. I will be working to ensure these entrepreneurs are able to start and expand a successful venture. This will involve reducing the regulatory and tax burdens facing entrepreneurs today.
Regulatory compliance costs for small firms are estimated to be around $600 billion per year, and New York businesses alone spend over $10 billion dollars a year complying with federal laws.
Small firms are also being disproportionately hit when it comes to taxes. In fact, a recent study found that businesses with less than 20 employees are paying double what their larger counterparts pay for tax compliance. It is clear that these are increasing barriers for small businesses, and steps need to be taken to provide relief.
Rising healthcare costs are also posing significant challenges for small firms today. Healthcare rates have gone up by nearly 80 percent since 2000, and the number of uninsured individuals continues to rapidly increase.
In New York City, workers in small firms comprise over 54 percent of the 2.9 million working uninsured. It is vital that we look for viable health care solutions so small business owners can focus on growing their firms.
At the same time, energy prices remain high and conservation continues to be a concern. Just this past summer, small businesses throughout Queens were devastated by a massive blackout, which left many without power for up to 10 ten days. I worked with the SBA to ensure that local businesses were eligible for disaster loan assistance.
I have always said access to capital is access to opportunity - whether it is following a disaster, or when starting a new venture. Over the past several years, small businesses have faced increased costs to securing financing, due to rising interest rates and higher SBA fees. Entrepreneurs have also been receiving less money. I will work to lower the cost of capital for small firms, and help guarantee that they have adequate access to lending opportunities so they are able to start and grow a successful venture.
While lending programs are a viable way for entrepreneurs to get their firms off the ground, so is doing business in the federal marketplace. However, the federal government has not met their small business-contracting goal in over six years. While New York ranks 2nd of the 50 states in percentages of businesses that are small, it ranks 15th in the percentage of federal government contracting dollars awarded to small firms.
With all of the barriers facing entrepreneurs today - ranging from access to healthcare, and capital, to regulatory and tax burdens - it is clear that not only small businesses in Queens, but also throughout the country, have a big agenda in front of them, which means that the House Small Business Committee has a big agenda for the 110th Congress. I look forward to working with my colleagues to meet the needs of our nation's main job creators - small business.
Congressmember Nydia M. Velzquez represents New York's 12th congressional district