Welcome!

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
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...