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.
As I've traveled around the country, it has surprised me how many times I've heard people in small businesses use that word 'saved.' I believe many small businesses would not have had access to credit and would not have survived without the $50 billion that we were able to put into the market.
Congress can protect small businesses by providing effective oversight over SBA policies and make sure they take into account the needs of small businesses while also protecting taxpayer dollars. Congress also needs to make sure that new banking regulations do not make it more costly for community banks to lend to small businesses.
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
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.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
One way we gave small businesses more money to invest was by extending tax provisions on expensing. This allows businesses to immediately write off things like equipment, without being burdened by depreciation requirements.
Small businesses have suffered under the demands of Obamacare and community banks have scaled back lending due to stringent provisions of Dodd-Frank financial regulation.
There are a lot of studies about small businesses and how they make a difference in their community and create a lot of jobs and values. So we need to focus on small businesses or entrepreneurs who want to start manufacturing or making things.
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.
Small business is crucial. I think we talk so much about large businesses, they're well represented; they talk well for themselves. But most people work for small businesses; most wealth that stays in a community gets generated from them.
We need to repeal Dodd-Frank act. It is eviscerating small businesses and small banks.
The American economy is driven by small business. And there's nothing basically to create incentives for small businesses. We've done no tax reform. They're the highest-taxed group in the country. And corporations can go anywhere they want and do whatever they want. Small businesses have to stay.
When a small business grows like eBay did, it has a multiplier effect. It creates other small businesses that supply it with intellectual capital, goods and services.
Small businesses pay 18 percent more than big businesses for health care, the same health care, just because they're small and they have too small a pool of risk.
We owe it to American taxpayers to make sure that contracts intended for small businesses go to small businesses.
The reality is, for small businesses, there really aren't HR systems. Small businesses are rolling their own.