Cole Remarks at Oversight Hearing on Small Business Administration

Thank you, Chairman Joyce, and thank you, Ranking Member Hoyer. Welcome, Administrator Loeffler for being here today – and thank you for appearing before us today and for your continued service to the nation. 

America has never lacked in entrepreneurial drive and innovative vision. What has made our country exceptional is our willingness to let that spirit flourish. From our earliest merchants to Main Street today, small businesses have created jobs, fueled growth, and expanded opportunity for generations.

Congress and the Small Business Administration share a common objective: creating an environment where entrepreneurs can succeed. While the agency carries out its mission every day, this Committee has the responsibility to provide oversight, evaluate results, and work alongside the Administration to ensure federal programs remain effective, accountable, and responsive to the needs of job creators.

The SBA administers a broad portfolio of programs designed to help U.S. businesses start, grow, recover, and compete. From expanding access to capital through the 7(a) and 504 loan programs – and helping businesses recover through disaster assistance – to creating pathways to federal contracting through the 8(a) Business Development Program, these initiatives strengthen local communities, create jobs, and reinforce the nation's marketplace.

In my home district, we see every day how entrepreneurship and local investment strengthen communities. With more than 300,000 small businesses, economic opportunity continues to drive growth and create pathways to success.

Oklahoma also brings a unique perspective to this conversation. Our Tribal heritage is woven into the fabric of our state, and the connection between economic opportunity and self-determination is evident throughout Indian Country. Native federal contracting is the second-largest economic driver for Tribal communities, supporting more than 125,000 jobs nationwide.

Tribal participation in the 8(a) program is different from any other participation. The funding from these contracts goes directly back into these Tribal communities to provide essential government services where the federal government often comes up short. To name a few examples, my own tribe, the Chickasaw Nation, has used their 8(a) contract revenues to expand their medical center and outpatient clinics, construct a child development center, expand long-term housing infrastructure, and much more. The Cherokee Nation has used their contract investments for housing construction, community infrastructure, additions to their healthcare system, and public safety enhancements. 

Simply put, without these contracts, none of these vital investments would be possible. These are real benefits flowing to real people. And Native participation in the 8(a) program is not a departure from federal policy –it is an expression of Congress’s constitutional authority and legal relationship between the United States and Tribal Nations – not a handout or passthrough as some may perceive.

As Chairman Joyce noted, there is no single approach to supporting America's entrepreneurs. Today's hearing is an opportunity to exchange ideas, evaluate perspectives, and identify consensus. We need to work together to ensure small businesses have the tools they need to be competitive in today’s economy.

Administrator Loeffler, that is why your testimony today is so important. It serves as a guide to help us understand SBA’s priorities and policies. Small businesses are the backbone of our economy. This Committee takes seriously its responsibility to ensure SBA has the resources it needs to support them, while also ensuring those resources are used as Congress intended. I look forward to today’s discussions. And with that, I yield back.