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President Obama's State of the Union Speech Promises Help for Entrepreneurs
Filed in archive Entrepreneurship by Greg Cruey on January 28, 2010
President Obama's State of the Union Speech Promises Help for Entrepreneurs
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President Obama gives great speeches. I don't know anyone who disagrees with me on that. The question becomes, what happens tomorrow? Can Congress be whipped into shape and made to actually do something other than bicker.

President Obama made it clear that small business should be the job engine in America, and he says he hopes to help them do that. He paid special attention to entrepreneurs and innovation early in his speech. Here's the actual text:
Now, the true engine of job creation in this country will always be America's businesses. But government can create the conditions necessary for businesses to expand and hire more workers.

We should start where most new jobs do - in small businesses, companies that begin when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own boss.

Through sheer grit and determination, these companies have weathered the recession and are ready to grow. But when you talk to small business owners in places like Allentown, Pennsylvania, or Elyria, Ohio, you find out that even though banks on Wall Street are lending again, they are mostly lending to bigger companies. But financing remains difficult for small business owners across the country, even those that are making a profit.

So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I am also proposing a new small business tax credit - one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.
Let's hope Congress now can actually make it happen.



Permalink: President Obama's State of the Union Speech Promises Help for Entrepreneurs
Tags: SotU,  Obama,  entrepreneur,  politics  business  president+obama  help+entrepreneurs  small+business 
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