President’s Small Business Initiatives Target Entrepreneurs’ Key Areas of Concern
The president announced today that he will instate a host of executive actions to help small businesses. The actions address key areas of concern for small businesses, including the lack of available credit, which plagues countless entrepreneurs trying to grow their businesses and create jobs.
There are thousands of mom-and-pop shops looking for help to expand, many of which are denied even the smallest loans because of tightened restrictions and a dried up credit market. Our opinion polling found 90 percent of small business owners say the availability of credit is a problem. The president’s actions to increase access to capital through the Small Business Administration’s Small Loan Advantage program, along with initiatives to help reduce paperwork when owners apply for loans, will go a long way to help struggling entrepreneurs get the capital they need to expand or simply survive. Other initiatives, including regulatory reforms and accelerated payments to small business subcontractors, are the kind of policies small businesses need in this unforgiving economy.
Lastly, we encourage Congress to act on the president’s call to action and pass legislation that would let small businesses write off up to $250,000 in capital investments in 2013 to help drive productivity. The actions instated today, coupled with this small business-friendly legislation, will help our job creators get the leg up they need so they can continue growing our economy.