Ernst, Joni: call the Committee on Small Business and Entrepreneurship to order. Folks, it's the start of a new year and I am excited to kick it off discussing the ways we can supercharge Main Street and promote economic growth across our rural communities. This committee routinely looks at the integral role small businesses play in our economy and our lives, especially in our rural communities, where small businesses represent over 96% of all employers and provide nearly 57% of all jobs. I grew up on a farm in southwest Iowa and currently live in Red Oak. Still today, I know the local small business owners who run the stores and shops around me and experience firsthand how ingrained they are in our agricultural community, not to mention the role of America's original small business owners, family farmers. After all, these are my neighbors and my friends. They carry on the spirit of entrepreneurship that runs deep throughout rural America. Despite the importance of these small businesses to rural agricultural communities, they have faced numerous challenges in securing affordable access to capital essential to their survival. The SBA's 7a loan program was established to help address some of those gaps, but under the Biden administration's mismanagement, we saw the opposite. The share of lending to rural small businesses declined year after year. The reason for the decline is no mystery. While the Biden administration was recklessly slashing lending standards and eligibility rules in the 7a program, it was building up regulatory hurdles in the private sector and ignoring the challenges faced by the small community banks that serve rural and agricultural entrepreneurs, including their challenges in utilizing the 7a program itself. Luckily, President Trump and SBA Administrator Loeffler have overseen a tremendous turnaround in lending to rural communities, with the dollar value of all 7a lending to rural small businesses in the first year of the new administration increasing by nearly 20% over last year. However, many rural community banks still find it incredibly difficult to fully and actively participate in the 7a loan program due to unnecessary red tape and overly complex requirements that do not account for the unique needs and operations of rural small businesses. Many community banks also worry that their inability to dedicate staff to SBA compliance will jeopardize their ability to rely on the 7a loan guarantee. This red tape shouldn't be what stands in the way of reaching borrowers who can benefit from 7a. That is why I called on Administrator Loeffler earlier this week to report to this committee on the resources and efforts the SBA has made to promote greater participation by rural community banks in SBA loan programs. I ask unanimous consent to enter into the record my January 9 letter requesting information from the SBA on its efforts to assist rural community banks. Without objection, so ordered. In the letter, I also asked what the SBA is doing in the new year to reduce compliance and paperwork burdens for rural community banks so they can reach more rural and agricultural small business owners. We must also do our part in the Senate. We made headway when the committee reported out my bipartisan bill with Senator Coons, the Made in America Manufacturing Finance Act, which will increase the SBA-backed loan limit from $5 million to $10 million for small manufacturers. A companion to our bill has passed the House of Representatives, so I do hope that we can get these loan limit increases enacted in the coming weeks. To complement the Ernst Coons bill, I also introduced my Modernizing Agricultural and Manufacturing Bonds Act, which will modernize IRS rules for rural development bonds. It is only through concerted, coordinated efforts and thoughtful legislation that we will be able to cut the red tape hampering community lenders and give our rural agricultural small businesses the room and capital to grow. I am grateful that we're joined today by our panel of witnesses. I look forward to hearing from them to see how we can help both rural entrepreneurs and the community banks that serve them. I now recognize Ranking Member Markey for his opening statement.