Obama Administration Addresses Top Issues Facing Small Businesses

Access to capital and technology among top concerns of owners

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There are common challenges that face every business whether they are large or small. These include things like hiring the right people, building a brand and providing customer satisfaction. However, there are some that affect small businesses more. A major concern is lack of access to capital, another is taxation.

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It’s not uncommon for small business owners to gather at the nation’s capitol to voice their needs and concerns. This year the Small Business Majority, nonprofit addressing the issue of 28 million small businesses, will host its inaugural Small Business Leadership Summit, May 11-13, 2015. The event is expected to bring together more than 100 small business leaders from across the country to interact with policymakers and senior members of the Obama Administration to identify and discuss policies that will help small businesses.

Since taking office, President Obama has shown his unprecedented commitment to small businesses across America, according to the White House. This includes enacting some 18 tax cuts to date, the elimination of taxes on capital gains on key investments in small businesses and 100% depreciation to support new investments in equipment – both of which the President has proposed to extend.

What’s more, since the beginning of 2009, through the Recovery Act and the Small Business Jobs Act, the Small Business Administration has approved 334,815 loans, supporting close to $163 billion in lending for small businesses. Reportedly, the SBA has more than doubled the maximum loan size for its largest programs, permanently raising the maximum 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing loan to $5.5 million. As part of the Startup America initiative, SBA created a $1 billion Impact Investment Initiative to support private-sector investments in startup and high-growth firms in underserved communities and emerging sectors.

According to the Small Business Majority, the top issues of importance to small business, including but not limited to are:

  1. Access to capital and how to ensure small businesses obtain capital necessary to grow and strengthen their firms in a responsible and sustainable manner.
  2. Tax policy to spur small business/economic growth while leveling the playing field and ensuring fairness.
  3. Critical workforce issues impacting small businesses today such as healthcare, minimum wage family medical leave and retirement savings.
  4. Technology and how small businesses can adopt and learn new solutions to old challenges.
  5. The impact of freelancers on the economy and how the U.S. can update policies that address the needs of this new workforce.

“This Summit will allow small business owners to engage directly with policymakers to discuss the issues shaping our economy and identify pragmatic policy recommendations to help them thrive,” states John Arensmeyer, Founder and CEO of Small Business Majority. “We’ll hear from real entrepreneurs—from all walks of life and all areas of the country—about the issues affecting their business and their bottom lines, and work with policymakers to advance legislation that will bolster small business and remove barriers to success.”