Today marks the start of Small Business Week — a time when we celebrate the thousands of small business owners across our country and recommit ourselves to giving them the support they need to grow and create jobs.
These men and women not only employ nearly half of all American private sector employees, they are the economic engines that drives our country forward.
That’s why from the moment President Obama stepped into the Oval Office, he made small businesses a top priority.
- President Obama signed eighteen tax breaks for small businesses into law, including those for hiring unemployed workers and investing in new equipment.
- For the first time, Americans can go online to BusinessUSA — a virtual one-stop shop for businesses to access the services and resources they need to grow and expand.
- The Obama Administration created the Jumpstart Our Business Startups (JOBS) Act which dramatically cut red tape so that small businesses and entrepreneurs can more efficiently raise capital and expand.
- Under President Obama’s leadership, more than 166,000 small businesses have gained access to loans through community banks, state-run loan programs, and the Small Business Administration.
- The President’s 2014 Budget supports more than $27 billion in loan guarantees to enable entrepreneurs to start up and expand small businesses and create jobs.
- President Obama signed the America Invents Act. It is the most significant reform of the nation’s patent system in more than half a century. By helping companies and inventors avoid costly delays and unnecessary litigation, the law frees up small businesses to focus on innovation and job creation.
- The Obama Administration created Startup America, a nationwide network of entrepreneurs dedicated to fueling innovation and supporting small businesses.
But all of this is just a small part of what the Obama Administration has done to help small business owners. The President plans on continuing to work for small business by cutting taxes further, permanently eliminating capital gains taxes to free up capital for small businesses, and reforming the New Markets Tax Credit to make it easier for startups in lower-income communities to find investors.
Small businesses play a vital role in our economy and as Democrats, we continue to work to make sure they have the resources and policies they need to grow, succeed, and create jobs.