A Quote by Sam Graves
In order to help small businesses gain access to the credit and capital they need to run their business successfully, Congress must adopt policies that support functional capital markets without imposing undue restrictions on providers of debt and equity capital.
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Access to capital is critical for small business success and crucial to our economic recovery. Without access to capital, many small companies are not able to maintain operations, let alone expand and create new jobs.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
The very large units of production and exchange have access to credit on a large scale, sometimes without any cover at all, merely upon the prospect of their success, and always upon terms far easier than are open to their smaller rivals. It is perhaps on this line of easier credit that large capital today does most harm to small capital, drives it out and ruins it.
Many small businesses rely on small financial institutions, like credit unions and community banks, to meet their capital requirements. Without them, these small businesses would have to close their doors.
When I started Biocon in 1978, the obstacles I needed to navigate were manifold - ranging from infrastructural hurdles to issues related to my credibility as a business woman. With no access to venture capital, money was scarce and high-cost, debt-based capital was all I had.
Small businesses, you can give them capital, but what they often need as much is mentoring, advice and help with their business plan.
The issue of access to growth capital is common to all entrepreneurs. Any entrepreneur who can demonstrate a credible business model and plan would be able to access to capital.
It's not government that creates jobs; it's small business. Our job is to make sure they have the access to capital, the access to contracting opportunities, and the help, advice and mentoring that they need to go out and be successful.
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
You go public because you want access to capital in the form of debt and equity.
As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.
If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.
CEOs are also chief capital allocators. This is a point Warren Buffett has repeatedly made: that the role management plays in allocating capital across businesses and boosting returns on that capital is a critical yet poorly recognized one.
Having more customers means nothing if America's small businesses cannot obtain the required capital to support their exports in the competitive international markets.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
It seems to me self-evident that we cannot have capitalism without capital and, very importantly, that the ultimate source of all economic capital is Nature's capital
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