For Immediate Release: 1.31.2012
New Startup America Provisions Put Spotlight on Small Business
Today, the Obama administration called on Congress to swiftly enact provisions of the Startup America Initiative that aim to boost small business growth. Entrepreneurs across the country are still struggling with diminished profits and weak demand. If they’re going to help lead our economic recovery, they need lawmakers to meet them halfway by implementing robust legislation like Startup America.
The newly announced agenda would serve small business owners’ needs by enhancing their access to credit and extending important tax incentives, while also creating new ones. It would extend the 100 percent deduction of equipment expenses through 2012 and provide a new income tax credit for added workers and increased wages—encouraging small businesses to create new jobs.
To address the small business credit gap, which 90 percent of small business owners see as a problem, according to our recent research, the package would call for transparent, streamlined national platforms to facilitate “crowd funding”. This would allow small business owners to raise up to $1 million per year through online capital investments.
On the same day SBA Administrator Karen Mills attended her first cabinet meeting, the administration announced a new agenda that identifies small businesses’ needs and works to help them. We’re glad to see a strong focus being placed on small businesses. After all, our country’s economic foundation is built on them.
Small Business Majority is a California-based, national, nonpartisan small business advocacy organization founded and run by small business owners and focused on solving the biggest problems facing America’s 28 million small businesses. We conduct extensive opinion and economic research and work with small business owners, policy experts and elected officials nationwide to bring small business voices to the public policy table.