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"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," he said. "From the middle of 2007 to the end of 2008, small businesses lost 2.4 million jobs."
He added, "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."
Obama emphasized that his administration has already enacted a number of measures to support small businesses.
"Government can't guarantee success for these companies. But it can knock down barriers that prevent owners from getting loans," he said. "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."
President Barack Obama Friday called on Congress to enact a series of measures to make it easier for small businesses to get credit, expand and hire new workers.
Speaking after meeting with a group of small business owners, Obama emphasized that the nation's small businesses would lead the country out of the recession and bolster the economic recovery.
PRESIDENT OBAMA WANTS TO
TAKE CARE OF BUSINESS
There's an ugly outlook for U.S. unemployment. The Federal Reserve is projecting an unemployment rate of 9.1% to 9.5% for the end of this year, and 8.1% to 8.5% by the end of 2011.
Much of that will come down to small businesses, which form the backbone of our nation, and are key to the economic recovery. Half of the people in America own or work for a small business. Small businesses have created 64% of new jobs over the last 15 years, but they have cut 5 million of the 8 million jobs slashed in total since the credit crisis began. A lack of credit for small businesses could put a lid on job creation and sap the strength of the economic recovery.
As the financial regulatory reform bill makes its way through the homestretch in the Senate, so many are focused on the fate of the big banks. But small businesses are watching closely to make sure their access to credit isn't compromised. To get a better understanding of the state of small business in America, I sat down with Karen Mills, Administrator of the Small Business Administration.
Mills said the recovery is under way, with small business in a better place now than a year ago, and the SBA's loan guarantees are back up to pre-crisis levels -- but that there's still work to do. She also said the U.S. needs to ensure that small business has continued access to credit to sustain business activity and, in turn, job creation. Watch the video here:
Social Networking: 10 Keys to Increase Your Networking Success Online (Part I)
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Learn How to Increase Your Business By 10% Or More Page 3
WATCH
Creating a Referal Machine with John Jansch
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When it comes to the helping people in emergencies Tiffany and Eric O'Reilly are all business. That because the business they are in is Emergency Restoration. Mold, mildew, water, fire, storm....all of the words that can instill fear in the average homeowner do not stand a chance when it comes to dealing with the O'Reillys.
Tiffany prides herself on what she learned from her late father, owner of Tradewinds Enviromental Restoration. "He was honest, had integrity and everybody knew what he was about", says Tiffany choking back emotion. "Competition is fierce in the restoration business," Tiffany says. "It always has been." That didn't stop my father and it
Trademarks identify either a product or a service so that the
A Brief Introduction to Trademarks
By David P. Badanes, Esq.
consumer knows that they originate from the same source. In general terms, consumers identify products or services by either their trademarks or trade names.
Tiffany O'Reilly
Island Catastropher Enviromental Restoration
By Eric Koppelman
June 14, 2010
