Like so many Nebraskans, I have been deeply moved by images of destruction from the recent tornadoes, which tore through communities in northeast Nebraska. The loss of life, serious injuries, and almost complete devastation in Pilger has broken hearts across Nebraska, mine included. I am grateful for the efforts of Governor Heineman and Nebraska Emergency Management Agency (NEMA) officials in the aftermath of the storms. Governor Heineman has issued a state disaster declaration for all areas impacted by the tornadoes and severe weather. Nebraska’s congressional delegation has always worked together to obtain needed disaster relief, and we will step up once again to do whatever we can to help these communities rebuild. My staff and I remain in close contact with state and local officials to see what sort of federal assistance might be necessary.
I appreciate NEMA’s ongoing work to survey the damage in the area and respond with swift emergency assistance. The American Red Cross has also served as a dedicated partner in providing aid to the Pilger community, setting up a shelter within 10 miles of the community and delivering relief and support to victims. I thank all the workers and volunteers who remain on the ground to assist with the area’s recovery.
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| Sen. Deb Smith |
Like so many Nebraskans, I have been deeply moved by images of destruction from the recent tornadoes, which tore through communities in northeast Nebraska. The loss of life, serious injuries, and almost complete devastation in Pilger has broken hearts across Nebraska, mine included. I am grateful for the efforts of Governor Heineman and Nebraska Emergency Management Agency (NEMA) officials in the aftermath of the storms. Governor Heineman has issued a state disaster declaration for all areas impacted by the tornadoes and severe weather. Nebraska’s congressional delegation has always worked together to obtain needed disaster relief, and we will step up once again to do whatever we can to help these communities rebuild. My staff and I remain in close contact with state and local officials to see what sort of federal assistance might be necessary.
I appreciate NEMA’s ongoing work to survey the damage in the area and respond with swift emergency assistance. The American Red Cross has also served as a dedicated partner in providing aid to the Pilger community, setting up a shelter within 10 miles of the community and delivering relief and support to victims. I thank all the workers and volunteers who remain on the ground to assist with the area’s recovery.
Pilger will survive and it will rebuild. Nebraskans are strong – and our neighbors from Pilger are among the strongest. I will be traveling to Pilger to assess the damage for myself and to meet with members of the community and local leaders on Saturday, June 21.
As a member of the Small Business Committee, I have spent a great deal of time exploring ways to encourage more Americans to start their own businesses, which will create jobs and help turn around our economy. Many aspiring entrepreneurs have a hard time obtaining modest loans to get a business off the ground. These challenges are due, in part, to large loan requirements from the vast majority of primary lenders.
A man or woman aspiring to open a small café or book store doesn’t necessarily need a $500,000 loan; however, a $100,000 loan could make a big difference in turning a dream of a business into a paycheck-producing reality. Programs that offer access to these financial services and provide capital, typically for lower income earners, are called microfinance programs.
Microloans have helped thousands of people around the world climb out of poverty. The United States has invested heavily in microfinance programs through foreign aid, including in Afghanistan. Studies have shown that the availability of microfinance services has increased household incomes and strengthened families and communities. These programs have proven successful, not only around the world, but also here at home.
The Small Business Administration currently oversees a microfinance program to provide similar small loans in the United States, but the amount of these loans is often not large enough to cover things like inventory or overhead costs – necessary expenses for a new business.
The legislation I introduced, the Access to Capital, Access to Opportunity Act, would increase access to needed capital so ambitious men and women with good ideas and limited resources can start their own businesses here in the United States. My bill would strengthen the existing SBA program by increasing the loan limit to $100,000. It would enact reporting requirements among loan recipients, intermediary loan providers, and the SBA to increase accountability.
The bill also promotes entrepreneurship by requiring the SBA to increase its efforts to educate men and women, especially those with limited financial resources, about the availability of these loans to start their own businesses.
New businesses strengthen our economy, strengthen our communities, and strengthen our families. I believe this proposal that can make a real difference in the lives of our neighbors in Nebraska and across the country.
Thank you for taking part in our democratic process, and I’ll visit with you again next week.
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