Sharon from Northeast Portland has been a small business owner for over a decade, running a contracting firm that specializes in carpentry, plumbing and painting.
Like many minority small business owners, Sharon has found it difficult to compete with larger rivals for key projects. Historically, lack of capital and lower lines of credit have made it difficult for minority businesses to provide the guarantees required to bid on many public projects, shutting them out of the process before it even begins.
That’s all changing, though, thanks to the State Small Business Credit Initiative (SBBCI). The SBBCI, created when President Obama signed into law the Small Business Jobs Act of 2010, has made more than $1.5 billion available to strengthen state programs that support small businesses and increase the credit opportunities available to them.
This legislation has granted minority small business owners like Sharon access to capital, lines of credit, and certification that have helped them become eligible to compete for government contracts that expand their business and allow them to hire more workers.
“These opportunities gave us a chance of bidding on public works projects that weren’t open to us before,” says Sharon. “We bid on projects at Clackamas Community College and the City of Portland, and got painting contracts for five buildings, which made it possible for us to keep ten full-time workers busy. It opened the door for us.”
To open the door for more small business owners like Sharon, the President has asked Congress to pass the American Jobs Act. The tax cuts and regulatory reforms in the Jobs Act will continue help America’s small businesses hire and grow.
You can find out more about the American Jobs Act and add your voice in support at AmericanJobsAct.com.