By all accounts, our economy is continuing on a path of recovery in the aftermath of the recession. And while this should signal good times ahead for our nation’s small businesses, entrepreneurs are still struggling to get what they need most to grow and thrive: access to traditional loans and more reasonable terms on alternative lending.
That’s why we addressed this problem head-on during our access to capital panel on May 12 at our Small Business Leadership Summit—an event that’s brought more than 100 small business owners from around the country to D.C. to speak directly to policymakers, issue experts and members of the Administration about the top issues facing small businesses, including the shortage of lending for entrepreneurs.
In 1963, President Kennedy proclaimed the first National Small Business Week to honor our nation’s entrepreneurs whose innovative spirit and hard work helped make our country great. For more than 50 years, we’ve carried on the tradition of celebrating small businesses, and for good reason.
Small businesses make up more than 99 percent of all businesses in this country, employ half of the private sector workforce and create the majority of net new jobs.
Despite the immense impact they have on our economy, they’re still struggling to thrive. In fact, a recent survey from Bank of America found nearly two-thirds of small business owners say they are still recovering from the aftermath of the Great Recession.
As we celebrate our nation’s innovators and job creators during National Small Business Week, we should remember to support small businesses not just this week, but every day of the year.
Let’s take a look at some policies that would help small businesses break through the barriers that are keeping them from prospering.