Velézquez addresses businesses

Representatives from the Queens business community turned out in force for the Queens Economic Development Corporation’s (QEDC) fourth annual “Forecast for Queens” breakfast with recently-appointed Chair of Congress’ Small Business Committee Nydia Velézquez delivering the keynote address.
Velézquez, who is a Congressmember representing parts of Brooklyn and Queens, spoke to the crowd that gathered in the Diamond Club at Shea Stadium about important issues that small businesses face, including breaking into the federal marketplace, reducing the cost of health care and ensuring the infusion of capital.
“The federal government can play an important role in making sure that we provide the tools that are necessary to help small businesses continue to do what they do best, and that is create new jobs,” she said.
Velézquez expressed concern that the federal government has continued to cut funding to the Small Business Association (SBA) lending program, which gave out more than 12,000 loans worth more than $1 billion in 2006.
Later this month, the Small Business Committee plans to move legislation aimed at reducing the cost of capital, which Velézquez said could save entrepreneurs as much as $50,000 over the life of a loan.
“By putting money back into your hands, it can be invested locally here in Queens to create much-needed jobs and economic growth,” she said.
During her presentation, Velézquez also told the crowd that one of Congress’ top priorities will be to address the soaring costs of health care. Insurance premiums have increased by nearly 80 percent in the past six years, forcing some small business owners to drop coverage for employees.
Spencer Ferdinand, Executive Director of QEDC, expressed his appreciation for Velézquez’s address and his excitement for her new role in Congress.
In addition to Velézquez’s keynote address, Brian McMahon, President of the NY State Economic Development Council, and Leonard Baynes, Professor at St. John’s University School of Law, gave presentations on New York’s competitive edge regarding business practices and the impact of minority-owned businesses in Queens respectively.