A report of the National Economic Council, May 2011.
This report focuses on the vital role that America’s entrepreneurs and small business owners play in strengthening the U.S. economy. The Obama Administration has put new initiatives and increased incentives in place to support small businesses – including seventeen tax cuts, improved access to capital and expanded support for high growth businesses – as they continue to out-compete and out-innovate the rest of the world. Over the past two and a half years, President Obama has enacted sweeping changes to support, reinvest, and revitalize America’s economy in the wake of a major recession. As a result, large U.S. firms are now making powerful new investments, including building new facilities and buying new equipment.
With regards to job creation, however, we know that America’s small businesses pack the biggest punch, creating two out of every three new jobs in the U.S. each year. These small businesses are the cornerstone of our communities. They are the source of pride for working families. And, every day, we see America’s entrepreneurs continue to step out and take risks with new ideas in order to help us win the future.
This report details the many investments this Administration has made since January 2009 to support small businesses, investments that include: expanding access to capital, supporting startups and high-growth firms, training America’s workforce, reducing barriers to entrepreneurship, increasing small business exports, and much more.