Funding for SBA Supports Growth as We Enter A New Roaring Twenties Economic Era

Jan 21, 2020 | News, Newsletter

By Rob Scott
U.S. Small Business Administration’s Great Lakes Regional Administrator, serving Illinois, Indiana, Ohio, Michigan, Minnesota & Wisconsin

 

President Trump’s commitment to improving the economy and the engine that drives it – small businesses – has been undeterred. And, when he approved the federal government’s fiscal year budget in late December, he secured the future of America’s small businesses and our nation’s ability to recover after disasters with funding for the U.S. Small Business Administration.

Prior to this booming economic era, our small businesses were struggling and trying to survive from the Great Recession. In the true spirit of the American Dream, though, they reshaped, innovated and persevered. Their contributions have not gone unnoticed and now, with business optimism and confidence remaining historically high, they’re poised for growth and expansion. Under this Administration and with the federal government’s strong support for them, including SBA’s, it will be that much easier.

In this region in FY 19, SBA partners advised more than 80,000 small business owners and the SBA supported nearly $5.6 billion in loans, including $1.1 billion here in Ohio. Those billions of dollars and hours of counseling are supporting small business growth and expansion, creating jobs, higher wages and continued innovation right here in the Great Lakes region. With the budget approval, Congress and President Trump acknowledged investments in SBA’s programs like these, including training, loan guarantees, and assistance with growth via export and contracting opportunities, will continue to provide a solid return for our economy. The additional support for entrepreneurial development and increased funds for the microloan program, which plays an important role in distressed communities where access to conventional lending remains a challenge, will further help startups and underserved markets, including women, minorities and veterans.

Beyond SBA’s budget approval, President Trump also put forth efforts to help small businesses with retirement benefits. The Setting Every Community Up for Retirement Security (SECURE) Act closed the retirement gap for the approximately 50% of our nation’s workers – those employed by small businesses. It allows small businesses to band together to offer retirement plans for their employees, and benefit from economies of scale and tax incentives to increase retirement security for American workers.

As we continue into 2020, I encourage you to celebrate our country’s rise from recession to historic economic growth. Also, join me in thanking the small business owners who, through their determination, will continue to carry our country forward with job creation, innovation and perseverance into a new roaring twenties economic era.

In Memoriam – The Life of Dan Evers

I first met Dan in the fall of 2016.  I had moved to Central Ohio over the late holiday season in 2015 to begin serving as the new Director of GROW Licking County CIC, Dan’s former role.  I was immediately struck by many in the community who worried that I would “not be enough,” that the “shoes were too big,” and that “Dan was larger than life.”  And they were right. 

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OEDA 2022 Annual Excellence Awards – Call for Nominations

The Ohio Economic Development Association’s annual Excellence Awards program recognizes the achievements of individuals and organizations in Ohio in the areas of economic and workforce development.  Submit your nominations today and have excellence in your community recognized statewide!

A panel of judges will evaluate the nominations, determine finalists, and select a winner for each of the categories noted below.  Award winners will be announced in conjunction with the 2022 OEDA Annual Summit, being held October 3-6 at the Exchange at Bridge Park in Dublin, Ohio. 

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