State of the Union: What Small Business Needs

January 20, 2012

As Washington gears up for yet another State of the Union address, the National Small Business Association would like to offer up a few key items President Barack Obama could mention that will speak volumes to America’s small businesses. Below is a statement from NSBA President and CEO Todd McCracken.

“The number one concern of small business today is the deficit, with tax and regulatory burdens close behind. Making a bold statement in support of comprehensive tax reform—not merely corporate reform which would help only a handful of small businesses—would address all three of these critical small-business priorities. This ought to be a no-brainer for the President and all Members of Congress—regardless of party.

“Small-business owners have viewed with no lack of skepticism the President’s proposal to consolidate the SBA and five other trade-related agencies into one massive federal agency. To underscore his commitment to small business, President Obama should call for a White House Conference on Small Business to really understand the needs of small business and ensure such a move would not marginalize the critical role small business plays in the U.S. economy.

“President Obama has an opportunity to emphasize the role of small business in economic recovery by lending his support to a few key measures that would help improve small-business access to capital, including an increase in allowable credit union lending to small business and easing crowd-funding restrictions on how a small-business owner can solicit investment.

“Today, when small business appears to finally be moving in the right direction—according to early indicators from NSBA’s 2011 Year-End Economic Report—it is imperative such growth be fostered, not impeded with unfair or overly-burdensome regulations. Measures such as the Plain Regulations Act would take an important first step.

“The President has been a leader in efforts to expand U.S. exports, and specifically growing the number of small exporters. His support of an increase to the exposure cap and a long-term reauthorization of the U.S. Export-Import Bank would continue the growth we’ve already seen in small business exporting.”

NSBA will provide follow-up comments after the conclusion of the State of the Union address.