00:00Okay, thank you. I now recognize Senator Rosen and we'll go from there.
00:06Thank you, Mr. Chair, and I want to thank you to Administrator Loeffler for joining us here today.
00:12I just want to make a short comment on what Senators Hickenlooper and Hirono have said,
00:17because we know that we want to bring back U.S. manufacturing so that we can compete,
00:22but when is the real question. How long does this take to happen,
00:26and how many businesses will suffer or disappear in the meantime?
00:30And that's what we're really talking about with this uncertainty,
00:33because this puts people's dreams and their life work at risk or on the chopping block.
00:38So I think when we talk about it, this is that bridge where people's dreams will be dissolved.
00:45So, but I'm going to move on because we've had so many good conversations,
00:48and I want to talk about the importance of SBA as a resource partner,
00:52because SBA's impressive networks of Veterans Business Outreach Centers,
00:57Small Business Development Centers, and Women's Business Centers,
01:01we know that they provide critical support to small businesses across the country,
01:05having counseled more than 744,000 small businesses and supported over 1 million jobs in 2024 alone.
01:13The tailored support provided by Veterans Business Outreach Centers,
01:17I'm just going to call them VBOX a lot easier.
01:19It's important for my state of Nevada, which is home to more than 200,000 veterans,
01:24and over 23,000 veteran small businesses.
01:28We only have 3 million people in Nevada, so it's a good number.
01:31I was proud to help secure Nevada's first dedicated in-state VBOX to ensure our veterans
01:36and transitioning service members get the support they needed to start a business.
01:41And so, Administrator, when we spoke ahead of your conversation,
01:45we really seemed that we connected and shared this priority to really support our veteran entrepreneurs.
01:51This is your story, bring the value of our community.
01:53And so I was really disappointed to see this drastic 167 million that was cut from the SBA's Entrepreneurial Development Program
02:02in the President's budget.
02:04And this is going to result, sadly, in the closure of hundreds of business resource centers, including 31 VBOX.
02:13Small businesses are being hit hard, like I said, by the Trump tariffs.
02:16It's just the uncertainty.
02:18People aren't sure how to plan.
02:20We're not trying to attack anyone.
02:22We want to bring things back, but people just don't know what to do.
02:26And they need access to SBA, to the resource partners they've had, to the confidence that they have in their communities,
02:33and those connections now more than ever.
02:35And so my understanding that your plan to address this need is for the SBDCs to provide the same services
02:41previously offered by eliminated programs like VBOX, and I so appreciate this.
02:46But the SBA requested only $10 million in additional funding for SBDCs to serve veteran-owned businesses.
02:52It's still 46% less in existing funding for the veteran services.
02:57It's a step forward.
02:58But in the meantime, again, where are folks going to go, and how is this expertise?
03:04You're losing staff.
03:06These centers in my small state really help.
03:09So does SBA acknowledge that organizing all counseling services under SBDCs will make it harder for our veterans
03:16to access resources and place even more pressure on our SBDCs?
03:21They are really already strained.
03:26Senator, thank you for the question.
03:28And there is no bigger champion of our veterans than President Trump,
03:32which is why I think we've all seen him upsize the Veterans Administration budget by $5 billion.
03:39And I'm pleased to say, particularly as the daughter and granddaughter of veterans,
03:44my father started a small business as a result of what he learned in the military,
03:49that I am so proud to champion veterans and deliver even more unified, strengthened resources.
03:55We've just announced today an MOU with Secretary Collins at the Veterans Administration
04:03to share more resources between the small business efforts of the VA and SBDC.
04:08It's important that veterans often serve veterans, and that's what our VBOCs give us.
04:12They hire veterans to serve the veterans who understand the process.
04:16So by eliminating them, you've eliminated this kind of unique understanding from veteran to veteran.
04:23I want to correct the assumption that we're eliminating VBOCs.
04:26That's absolutely not the case.
04:28In fact, the floor of 10 million is a floor, not a ceiling from the SBDCs.
04:34But let's be clear.
04:35There are 1,000 SBDCs across the country.
04:37We have 68 regional offices with veteran specialists in those offices.
04:42We have PCRs on military.
04:43It took until last year for me to get the VBOCs in Nevada.
04:46So I just have one more quick question.
04:49The SBDCs do provide general counseling and business training.
04:53And so under your plan, how will SBA ensure that the SBDCs, again, to the same point,
04:58have the advisors that are specifically trained to provide counseling on those unique needs?
05:03And how long will veteran businesses have to wait for this transition to be complete?
05:09Because, again, it's the uncertainty.
05:11They don't have to wait at all, Senator, which is great because I totally agree with you.
05:14We need to serve our veterans better.
05:16And, in fact, this week alone we're hosting 15 seminars for our veterans in Boots to Business and Reboot.
05:22Across the country.
05:24And we're only going to build on that.
05:26In fact, through our partnership with the VA, through our work with SBDCs, through our veterans outreach programs in the region,
05:34we're consolidating and unifying our services so that veterans have access to the full suite of SBA.
05:39And I'm very proud to say SBA lending to veterans in this calendar year is up 26 percent.
05:45Will you come meet with folks in my office to give us a list of everything that you're doing so that we can communicate this out in Nevada
05:52and be sure that we continue to serve our veteran businesses?
05:57I'd love to meet you and visit with your state as well.
06:00Thank you, Senator.
06:01Thank you, Mr. Chair.
06:03Thank you, all right.
06:04And I'm alright, move on.
06:05I'll second definition.
06:10And I screen you for the same question.
06:13I like to ask if Mr. Chair.
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