New York Senator Kirsten Gillibrand outlined an economic agenda for the state that will put a focus on startup incubation, access to credit and the introduction of tax-free business savings accounts, according to the New York Daily News.
The junior congresswoman told reporters Wednesday that the program will focus on stimulating the private sector as a means of creating jobs, boosting the small business development, and helping entrepreneurs form an LLC in New York.
"We need to do more to speed our country to prosperity," said Gillibrand during a press conference. "Government doesn't create jobs. Businesses do."
One program that the senator is sponsoring is a program that would allow entrepreneurs to open a tax-free savings account of up to $10,000 per year for up to five years.
While New York City has revelled in a rapidly emerging tech startup and entrepreneurship scene in recent years, the city is afflicted by an unemployment rate that is above the national average - 9.4 percent as of February.
However, a number of business groups, including the National Small Business Association, have announced their support for Gillibrand's efforts and others like it.
"We are pleased to see Sen. Gillibrand focusing on small business," said Molly Brogan, of the NSBA. "It has been an incredibly difficult few years for America's small businesses, and access to capital continues to evade more than one-third of small businesses."
Tags : financial management, incorporation news, ny, small business management
Posted: Apr 7th, 2011