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New White House Small Biz Report Revealed

Friday, May 18, 2012

The White House this week released a report entitled: Moving America's Small Businesses & Entrepreneurs Forward. The SBA describes it as a comprehensive look at what investments the Obama Administration has made to keep small businesses moving forward.

The President has signed in to law 18 tax cuts that directly help small businesses. This includes new tax credits for hiring unemployed workers and veterans, and allowing small businesses to write off the full cost of new investments in things like new machines and computers against last year’s taxes. 
 
Supporting nearly $80 billion in loans to more than 150,000 small businesses since January 2009; FY 2011 was a record year with $30 billion in lending supported through the 7(a) and 504 programs. 
 
Leveraging private capital through a $1 billion early-stage fund to invest in young, high-growth companies to help them cross the funding “Valley of Death” so they can innovate, grow, and create jobs. 
 
Committing $1 billion, along with private capital, to invest in companies located in underserved communities or emerging business sectors, such as clean energy, to harness the power of all of America’s small businesses to lead us through the recovery. 
 
Securing commitments from 13 of the nation's largest lenders to increase lending by $20 billion over the next 3 years to small businesses so they can start, grow, and succeed. 
 
Ensuring that every small business can compete for and win federal contracts by awarding nearly $300 billion in federal prime contacts to small businesses, including $120 billion in federal prime contracts to minority-owned small businesses since 2009. 
 
Putting a record $2.8 billion directly into the hands of more than 13,000 businesses in FY2011 alone through Small Business Investment Companies, achieved through a 54% reduction in license processing times. 
 
Patent applications filed today will take nearly 40% less time to receive an initial patentability determination on their innovation compared to January 2009. 
 
Making it easier for small businesses in federal declared disaster areas to get a loan by reducing the electronic loan application paperwork by 70%. 
 
The President signed into law the most significant reform of our patent system in 50 years with the bipartisan America Invests Act. The patent system overhaul cuts the current patent backlog, provides a fast track option for processing within 12 months that will unleash innovation by rewarding inventors, offers entrepreneurs new ways to avoid litigation regarding patent validity, and protects American inventors’ intellectual property abroad. 
 
Providing more than 1 million entrepreneurs with free counseling and technical assistance each year through a network of more than 14,000 counselors. More than 2.5 million entrepreneurs have accessed free online training since 2009 through expanded online resources. 
 
Helping small businesses expand and compete in foreign markets with a more than 6% increase in the number of small businesses exporting from 2009 to 2010 and $60 million in federal-state-local partnership grants – making progress toward the five-year goal of doubling exporting through the National Export Initiative. 

Read the entire report here.

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