U.S. Small Business Administration and the Entrepreneurial Economy

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1 1 The Small Business Administration and the Entrepreneurial Economy Penny Pickett Associate Administrator for Entrepreneurial Development U. S. Small Business Administration National Association of State Workforce Boards March 5, 2010

2 2 Small Business as an engine of growth 6.2 million firms with employees* 23.4 million single employee firms* Main Street businesses The Gazelles ± 375,000 Absorb & train workforce at all skill levels *2008 SBA Office of Advocacy

3 3 SBA Structure 1. Disaster Assistance 2. Government Contracting / Business Development 3. Capital Access 4. Entrepreneurial Development

4 4 Training & Educational Network Includes: 68 District Offices Portfolio Loan Guarantees over $90 B plus Investment Portfolio Resource Partners: 900 Small Business Development Centers Eight Veteran s Centers 110 Women s Business Centers 350+ Chapters of SCORE More than 14,000 counselors Serving 1.5 million clients in the last year Demonstrating Measurable Impacts

5 5 Grant Programs Local Match Funds Required: Small Business Development Centers Women s Business Centers Additional Resources Making an Impact: Emerging 200 Requires Local Sponsors and Supporters SCORE Counselors to America s Small Business Small Business Training Network Veteran s Centers Youth Entrepreneurship Financial Literacy 50 Plus Internship Programs

6 6 Link... Leverage... Align Support existing programs and services that have proven results with funding, in-kind services, or partnership agreements. Allow SBA Resource Partners to train and support business owners - or those who find out they are better employees than business owners. Who in turn, as Small businesses, train and employ bigger workforce.

7 7 Operating Networks and Leveraging Resources (Slide with Map Locations)

8 8 Other Proposals in Support of Small Business Extending elements of the American Recovery and Reinvestment Act (ARRA) 90% guarantee, fee elimination, surety bonding Encourage and expand training for U. S. companies to participate in exporting local support for export centers Increase loan sizes to $5 M; Microlending to $50,000 $5 B for tax relief, extend tax write offs, eliminate capital gains for investors in small business in 2010 Affordable health care for small companies to compete for talent State, Local and Federal Initiatives & Collaboration Cost effective benefits for all partners

9 9 When working with entrepreneurs, change is the only thing we know will happen, so SBA has to be nimble, flexible, transparent and open to new ways of problem solving and company building characteristics we expect to find in all successful entrepreneurs.

10 10 SBA and the Entrepreneurial Economy Penny Pickett Associate Administrator for Entrepreneurial Development Headquarters Office rd Street, SW Washington, DC to find local SBA District Offices

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