Help Is on The Way for Small Businesses

Small businesses are the foundation of our economy, having created approximately 70 percent of all new jobs in the past decade. These businesses don't only generate millions of jobs, the are also the starting point of many towards the American Dream.
Unfortunately, during these harsh economic times, mayors all over the country have watched as small businesses in their communities shut their doors due to lack of access to capital and through no fault of their own.
In January, the nation’s mayors sent a letter to President Obama, Treasury Geithner Secretary and Congress urging for immediate relief for small businesses in the Troubled Asset Relief Program (TARP) and to express concern about the small businesses in their communities that are unable to borrow the funds they need to keep their businesses operating.
Thankfully, President Obama listened to our pleas, proving that he understands the importance of small and businesses in America’s MainStreet. The President recently announced a plan to save small businesses through higher loan guarantees, reduced fees and overall expansion of access to capital will help small businesses.
Today, Senator Daniel Inouye (D-HI), Chairman of the Senate Appropriations Committee, and I discussed Federal and local aid for small businesses during a press conference at Jungle Island, and then participated in the Greater Miami Chamber of Commerce’s Small Business Summit. We highlighted that the President's plan to unlock credit for small businesses will save businesses, allow them to grow, and save and create thousands of jobs.
I also discussed programs available within the City of Miami to assist small businesses, such as the Minority Business Enterprise Center (MBEC™), Small Business Loans and micro-loan programs, and technical support.
I am thankful to Senator Inouye for his support to small businesses. As Chairman of the Senate Appropriations Committee, Senator Inouye has been at the head of the table drafting and negotiating all of our economic recovery plans, including the stimulus bill, and we are grateful for his work in this area.
To read more about the President’s proposal click HERE and HERE
To read more about the CIty of Miami's programs available for small businesses, click HERE

- Manny