President Obama is committed to helping small businesses grow. These companies are the engine of job creation in America—responsible for two out of every three new jobs created each year.
- President Obama’s Small Business Jobs Act of 2010 put more capital into the hands of businesses. In total, the Obama administration has awarded over $26 billion in federal prime contracts to African American-owned businesses. That has happened with the support of the Department of Commerce’s Minority Business Development Agency, which has helped thousands of African American-owned businesses access $5.5 billion in contracts and capital from 2009 to 2011, a 155-percent increase over the prior three-year period.
- The Obama administration has helped more than 5,600 African-American business owners secure more than $1.5 billion in Small Business Administration loans across the country.
- President Obama established the Interagency Task Force on Federal Contracting Opportunities for Small Businesses to help minority-owned businesses get a fair shot at securing work.
- President Obama’s White House Business Council launched a series of Urban Entrepreneurship Forums aimed at connecting local entrepreneurs to public and private resources that help them expand, grow, and create jobs.
- President Obama has cut taxes for small businesses 18 times, helping African-American small businesses hire, invest, and grow.
Governor Romney, on the other hand, would cut the Small Business Association by 19 percent, if cuts are made across the board, making it harder for local banks to make loans to African American-owned small businesses that want to expand, invest, and hire workers. And Romney’s proposed tax plan would put 30 million small business owners at risk of higher taxes, just to pay for tax cuts for millionaires and billionaires.