In a speech at a recent economic conference in Napa Valley, California, former Small Business Administration head Hector Barreto touted the importance of small businesses in driving the U.S. economy.
“You can call them small businesses, but they are not small in what they do,” he said. “We hear a lot about small businesses from our elected leaders. But it always strikes me how ignorant, for lack of a better term, they are about them. Small businesses are really struggling. Government is not very good at creating jobs. It’s really entrepreneurs and small businesses, and government is needed to create the right environment."
The former SBA Administrator went on to suggest that government contracts can be helpful in acquiring necessary financing. The Small Business Administration holds a total of up to $100 billion specifically for small business loans.
According to Barreto, companies with fewer than 500 employees and less than $6 million in annual revenue make up 99 percent of businesses in the U.S. In recent months, heightened attention has been given to small businesses, as they are seen as vital in boosting the economy out of stalled recovery and back into marked expansion.
Tags : ca, llc formation, small business management
Posted: Oct 25th, 2010