Whether you are a small business owner or just have a story about a small business in your community, share your story and stand with President Obama.
Small businesses are the engines of economic growth in North Carolina. Our nearly 800,000 small businesses represent 98% of all employers and nearly 1.6 million employees across the state. That means if you don’t work for a small business or own one yourself, the odds are pretty good that you know someone who does.
President Obama understands how important small businesses are to our economy. From the family diner in Fayetteville, to the corner barbershop in Charlotte, to the high-tech start up in Raleigh, the Obama administration has made investing in North Carolina small businesses—and small businesses across the country—a top economic priority.
Here’s everything you need to know about President Obama’s small business record in North Carolina:
- The President has enacted 18 small business tax cuts and counting, including new health care tax credits, higher expensing limits, and bonus depreciation incentives.
- Over 2,500 small businesses across 91 North Carolina counties received Recovery Act-backed SBA loans, totaling more than $387 million and helping create or save more than 14,500 jobs.
- The President signed the Small Business Jobs Act, further expanding small business lending by raising SBA loan limits. Last year, the SBA approved 1,244 loans to N.C. businesses valued at nearly $480 million—the highest loan volume in state history and a 53 percent increase over 2010.
- The Small Business Jobs Act also enabled up to $800 million in new lending to N.C. small businesses through the North Carolina Capital Access Program, or NC-CAP. This innovative new program will expand financing options for small businesses in all 100 N.C. counties.
- The President also invested $2 billion in community colleges to align programs to workforce needs, including a recent grant of nearly $19 million for nine N.C. community colleges to retrain workers dislocated by the economic downturn.