President Obama on Small Biz Sat

A letter from President Obama…

November 23, 2011

From the mom-and-pop storefront shops that anchor Main Street to the high-tech start-ups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of our Nation’s promise. These businesses create two out of every three new jobs in America, helping spur economic development in communities across our country and giving millions of families and individuals the opportunity to achieve the American dream. Through events such as Small Business Saturday, we keep our local economies strong and help maintain an American economy that can compete and win in the 21st century.

My Administration is committed to helping small businesses drive our economy toward recovery and long-term growth. I have signed into law 18 tax cuts for small businesses, including tax credits for hiring unemployed veterans as part of my American Jobs Act. The Small Business Administration had a record year, providing more than 60,000small businesses with over $30 billion in lending support. And my Administration has helped provide 1,000 high-growth businesses with $2.6 billion more in capital, while also launching Startup America, an initiative to strengthen access to capital and mentoring while reducing barriers to growth for small businesses.

Through these and other initiatives, we are supporting the entrepreneurs and small businesses that are the engine of our prosperity and a proud reflection of our Nation’s character. When small businesses do well, communities flourish and our economy grows.

America was built on the hard work and creativity of our people. On this occasion, we reaffirm our support for America’s small business owners and their staff, and we celebrate the proud tradition of entrepreneurship they represent.