FOR IMMEDIATE RELEASE
Thursday, December 8, 2011
CONTACT: ALANA JUTEAU
Matsui Applauds Administration Initiative to Increase Small Business Access to Capital
WASHINGTON, D.C. – Today, Congresswoman Doris Matsui (D-Sacramento) applauded the Obama Administration’s announcement of a $2 billion public-private partnership to help small businesses gain access to capital and resources so that they may grow, expand, and create more jobs. The U.S. Small Business Administration (SBA) will launch a $1 billion Early Stage Innovation Fund to help early-stage small businesses access private capital. Additionally, fifty private-sector partners have committed to delivering over $1 billion in value to 100,000 small business start-ups over the next three years, ranging from free consulting and legal services to free software. The Administration also announced commitments from the Department of Education, the Department of Labor, the Network for Teaching Entrepreneurship, Junior Achievement, and the National Association for Community College Entrepreneurship to improve and expand entrepreneurship education and initiatives.
Below is Congresswoman Matsui’s statement on this announcement:
“In roundtable discussions with Sacramento small business owners, I have heard time and again that the biggest obstacle they are facing as they try to expand is access to private capital. I applaud the Obama Administration for taking this step to ensure our nation’s small businesses have more support and greater access to the loans they need.
“Small businesses are economic engines in Sacramento, comprising nearly 98% of all the businesses in the region. We rely on small businesses to create jobs, develop innovative products, and provide necessary services – and our economic vitality hinges on their success. In fact, 64 percent of all new job growth in this country comes from small businesses.
“As we continue to face a high unemployment rate in this country, Congress should follow the Administration’s lead and take up legislation that will help these small businesses innovate and grow. By giving our small businesses a leg up, we will be able to get our country back to work and ensure America remains a leader in innovation.”
For more information on Congresswoman Matsui’s work to increase access to capital for small businesses and help local companies grow, visit matsui.house.gov/smallbusiness.