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Removing Barriers for Small Business (June 11 2010)
Poziom:
Temat: Biznes
The President:
I just finished a meeting with these small business owners and
a few of their workers.
And we talked about some of the
economic challenges facing these folks.
And we talked about the ways
that our government can make it
easier for smaller firms
to hire and to grow.
These men and women know how
important it is because,
historically, small businesses
have created roughly two out of
every three new
jobs in our country.
And to replace the millions of
jobs lost in the recession,
we're going to need to make sure
that small companies are able to
open up and expand and add
names to their payroll.
Small businesses will help
lead this economic recovery.
And that's why we will
continue to stand by them.
But ensuring that small
businesses can thrive is about
more than just economic success.
It's also about who
we are as a people.
It's about a nation where
anybody who's got a good idea
and a willingness to
work hard can succeed.
That's the central
promise of America.
It's that promise that has
drawn millions of people to our shores.
It's what drives workers to
become their own bosses.
It's what propels some basement
inventor to bring a new concept
to market.
That's what led two guys, Bobby
Pancake and Steve Wheat --
their real names --
who are here today,
to take a chance and try
their hand at actually running restaurants.
Obviously, they'd have
to be restaurateurs,
named "Pancake" and "Wheat."
They worked for a
restaurant chain for years,
but they decided to leave the
corporate offices and open up
their own franchises.
In fact, Bobby and Steve told me
they recently opened up their
sixth location.
And Terry Haney, the general
manager of one of their
locations, is also here.
This same promise of being able
to build your own dreams and be
your own boss led Prachee -- Prachee Devadas to come to this
country, become a citizen,
and open up what's become a
successful technology
services company.
Prachee told me that
when she started,
she had just one employee.
Today, she employs more
than a hundred people --
including her husband
Anand, who is here today.
So the fact is that small
businesses all across the
country are hiring people,
making a difference in their
communities, giving back
to their communities,
but they've also been especially
hard hit by the recession.
From the middle of 2007
to the end of 2008,
small businesses lost
2.4 million jobs.
And because banks shrunk from
lending in the midst of this
financial crisis, it's been
particularly difficult for small
business owners to take out
loans to open up shop or expand.
It's been hard to finance
inventories and payroll and new equipment.
Now, I've said before
and I'll repeat,
government can't guarantee
success for these companies.
But it can knock down barriers
that prevent owners from getting loans.
Government can't create
private-sector jobs.
But it can create the conditions
for small businesses like these
to grow and to hire more people.
That's what's guided much
of our economic agenda.
So let me be specific.
Last year, we enacted seven
tax cuts for America's small
business -- seven tax cuts.
So far, the Recovery Act has supported over 68,000 loans to
small businesses, which translates into nearly $29
billion in new lending.
More than 1,300 banks and credit
unions that had not made SBA
loans since before the financial
crisis are now lending again.
More than $8 billion in federal
Recovery Act contracts are now
going to small businesses.
In fact, Prachee has been
able to add 20 part-time and
full-time workers because
of the Recovery Act.
In addition, as a result of a
bill I signed into law a few
months ago, businesses are now
eligible for tax cuts when they
hire -- when they hire unemployed workers,
they're eligible for tax cuts.
Companies are also able to write
off more of their investments in
new equipment.
And as part of the
health reform package,
4 million small business owners
recently received a postcard in
their mailboxes from the IRS,
and it was actually good news:
It told them that they could be
eligible for a health care tax
credit this year that could be
worth perhaps tens of thousands
of dollars to these
small businesses.
So these and other steps
are making a difference.
Little more than a year ago,
the economy was in freefall.
Today, it's growing again.
Little more than a year ago, the
economy was losing an average of
750,000 jobs per month.
It's now been adding jobs
for five months in a row.
But even though we are in the
process of digging ourselves out
of this recession, we're
still in a pretty deep hole.
Millions of our family
members, our friends,
our neighbors are still
looking for work --
they're still faced with
the prospects of long-term unemployment.
Credit is still less
available than it should be,
particularly to
small businesses.
As small business owners like
Prachee and Bobby and Steve will
tell you, we may be recovering
but we're not yet recovered.
We have to keep moving forward.
And that's why I'm urging
Congress to swiftly approve a
set of tax breaks and lending
incentives to spur hiring and
growth at small businesses.
The legislation that's being
debated right now would
eliminate capital gains taxes
for small investment --
for investments in small firms,
which will help move capital to
these companies across America.
It will provide tax relief to
small start-ups to encourage
folks to open up
businesses, as well.
To foster more credit, the
package would create the small
business lending fund I proposed
in my State of the Union address
to help underwrite loans
through community banks.
And we'd create a new state
small business credit
initiative, because states
facing budget shortfalls are
scaling back lending to small
firms and manufacturers.
That's working
against our recovery.
I'm also urging Congress to
expand and extend successful SBA
programs -- by increasing
loan limits, for example --
something that could benefit
people like Bobby and Steve.
In fact, since the start
of my administration,
we've been hearing from small
businesses that want to retain
and hire more employees, but
they need additional credit.
And we've been hearing from
small community banks that want
to lend more to
small businesses,
but they need
additional capital.
So this bill helps
fulfill both needs.
And to help us create jobs
without adding to our deficit,
we're making the tough choices
to pay for these proposals.
So I'm hopeful that the House
will pass these measures next
week, and that the Senate will
follow as soon as possible --
with both support from
Democrats and Republicans.
And I'm eager to sign this tax
relief and additional lending
into law.
That's how we can continue to
move our economy forward --
to continue on the path from
recession to recovery, but also,
ultimately, to prosperity.
Thank you very much, everybody.
