Click here to close now.


News Feed Item

The State of our Union Depends on Small Business

WASHINGTON, Feb. 20, 2013 /PRNewswire-USNewswire/ -- The following is a statement by Beth Solomon, President and CEO of the National Association of Development Companies (NADCO):

As striking as President Obama's State of the Union speech was in its vision and sweep, including broad-scale initiatives from climate change to free trade to immigration reform, there was little said on a key economic issue: support for small business.

Small businesses have created two-thirds of all new jobs reported quarterly since 2010.The Ewing Marion Kauffman Foundation found that between 1977 and 2005, new businesses created an average of 3 million jobs while existing businesses lost a net of 1 million jobs.  

Does that mean government should just get out of the way, as some have advocated, and let small businesses take care of themselves? Yes and no. While there are some common sense reforms that could ease the regulatory burdens that adversely and disproportionately impact small businesses, there are certain opportunities for the government to zero in on specific, targeted measures to boost our economy and accelerate the job creation America needs. 

The Small Business Administration's 504 Debt-Refinance ("Debt-Refi") program is an example of a smart, bipartisan initiative that jumpstarts small business growth by unleashing billions of dollars of capital currently locked up in old, expensive debt.

Here's how it works. Small businesses in good financial standing can refinance their costly asset-backed debt and access better rates that offer game-changing savings each month. Those savings are, by law, then invested back into the business, creating more economic output and jobs.

For Spivey Utility Construction Company in Odessa, Florida, "Debt-Refi" provided the necessary working capital to double its workforce, creating 90 jobs.

In the case of Robert and Mary Perez, who own and operate six Wendy's franchises in Arizona, the monthly savings they achieved through "Debt-Refi" enabled them to hire three managers at higher starting salaries and increase staffing hours for existing team members.

In a trial period that effectively operated for less than a year in 2011-2012, over 2700 small businesses refinanced nearly $7 billion in mortgage debt, allowing each business to save as much as $20,000 per month. 

The measure literally saved hundreds of businesses in communities across the country from being defeated by the recession, and gave others access to new capital and a brighter future. 

It didn't cost the taxpayer a dime. 

If "Debt-Refi" were extended, experts say over 250,000 businesses could benefit. 

While most Americans bemoan the rancor and gridlock that has defined Washington for so long, this initiative is an example of real partnership leading to real success. It is now up to policymakers in our nation's capital to put aside partisan gamesmanship and come together to enact pro-growth policy that will ignite an economic recovery led, as always, by small business.

Beth Solomon is the President and CEO of the National Association of Development Companies (NADCO), the trade association of Certified Development Companies (CDCs).

SOURCE National Association of Development Companies (NADCO)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
JFrog has announced a powerful technology for managing software packages from development into production. JFrog Artifactory 4 represents disruptive innovation in its groundbreaking ability to help development and DevOps teams deliver increasingly complex solutions on ever-shorter deadlines across multiple platforms JFrog Artifactory 4 establishes a new category – the Universal Artifact Repository – that reflects JFrog's unique commitment to enable faster software releases through the first pla...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction....
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet condit...
The last decade was about virtual machines, but the next one is about containers. Containers enable a service to run on any host at any time. Traditional tools are starting to show cracks because they were not designed for this level of application portability. Now is the time to look at new ways to deploy and manage applications at scale. In his session at @DevOpsSummit, Brian “Redbeard” Harrington, a principal architect at CoreOS, will examine how CoreOS helps teams run in production. Attende...