Accomplishment No. 15 & 16: Startup America & $2 billion for small business seed financing
The Startup America initiative is a multifaceted program to help inspire and accelerate small businesses entrepreneurship nationnwide. Announced in 2011, it's mission is to increase access to capital for high-growth startups, expand entrepreneurship education and mentorship programs, find and remove remove unnecessary barriers to high-growth startups, and expand collaboration between large companies and startups.
Key among the elements Startup America brings to the table to help small businesses are two $1 billion initiatives for impact investing and early-stage seed financing through the Small Business Administration. With no new cost to taxpayers, and the operating infrastructure of the Small Business Investment Company (SBIC) program, SBA-guaranteed bonds will match private capital raised by privately-owned and managed investment funds and serve as a catalyst for accelerating capital support for startups and high-growth firms.
Early this year, the Obama administration presented The Startup America Legislative Agenda which contained bipartisan ideas including four tax breaks for small businesses and four proposals that will help expand access to capital and a provision to address immigrant visa backlogs.
In contrast to President Obama's agenda to promote small businesses, Mitt Romney says that, as president, he would eliminate taxes on the foreign profits of U.S. firms. He hasn’t called for the elimination of a single corporate loophole, not even tax breaks for moving operations overseas. His plans reward large corporations and encourage U.S. companies to outsource jobs—worsening unemployment, middle-class security, and the economy.
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