President Obama Re-Considering Small Business Bailout
According to the Washington Post, the Obama administration announced it is considering a dramatic shift in its stimulus strategy to better support small businesses. This follows a June 24 announcement by entrepreneur, Victor Cheng, critical of Obama’s lack of focus on small businesses and Cheng’s own declaration of a privately funded “bail out” for 1 million small business.
Baltimore. Maryland (Baltimore HUD homes) July 12, 2009 According to the Washington Post, the Obama administration announced it is considering a dramatic shift in its stimulus strategy to better support small businesses.
This follows a June 24 announcement by America’s Business Coach, Victor Cheng, critical of Obama’s lack of focus on small businesses and Cheng’s own declaration of a privately funded “bail out” for 1 million small business.
As Cheng argued previously, “According to the Small Business Administration, roughly 7 out of 10 new jobs created in this country are created by small business. Everybody knows that it’s impossible to end this recession without creating new jobs. It seems crazy to ignore the most statistically proven producer of new jobs in this country – small businesses.”
This rationale and Obama’s previous neglect of entrepreneurs inspired Cheng to take matters into his own hands by creating his own private small business bailout program.
As the author of The Recession-Proof Business: Lessons from the Greatest Recession Success Stories of All Time, he is giving away 1 million electronic copies of his book on his website at BailoutUSA.com
In reaction the Obama administration sudden shift in stimulus strategy, Cheng says, “I’m thrilled that the Obama administration finally has the right focus. Whether I showed them up with my bailout program or they finally figured it out on their own, I don’t know. Either way, it’s great for small businesses and employers everywhere.”
President Obama Re-Considering Small Business Bailout
According to Cheng, “I hope the Obama administration actually follows through on this change in direction. I give work with a lot of small business owners. Many of these businesses are profitable, growing, and creating jobs. But for some of these businesses, they are in seasonal industries and need access to capital to finance their off-peak season or they need a way to finance inventory to keep pace with on-going growth.”
“With private banks abruptly cutting off access to billions in capital, it is force well run businesses to shrink their workforce or hiring plans despite having a fundamentally profitable business. This seems like a waste in an economy that is clearly short on jobs,” says Cheng
Cheng’s expertise as a small business recession survival expert and business coach has been featured by Fox Business, MSNBC, MarketWatch, The Wall Street Journal, Inc. magazine, SmartMoney magazine, and dozens of radio talk shows.
Posted by Carlos Sagastume on July 14, 2009. Filed under HUD Homes.
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About time small business has been recognised.
You’d think the politicians would know how important small businesses are to the economy. It staggers me that it has taken this long to recognize the significant’s of what small businesses do for the economy.