SBA: Capital infusion will help small businesses
The U.S. Small Business Administration is putting an emphasis on making capital accessible to small businesses and entrepreneurs forming an LLC in order to stimulate economic recovery.
Karen Mills, head of the SBA, told USA Today that her agency will address the “Three Cs” – Capital, Counseling and Contracting – to help the country recover from the economic recession.
“Small businesses are really the engine in the economy,” she said. “[They produce about] 65 percent of net job growth. Half of the people who work in this country own or work for a small business. Right now, the government’s role is to give them more support, more momentum.”
Mills said small business owners are most worried about having “stable access to capital,” and proposed legislation could make more financing available once Congress reconvenes debate over the bill. She said the 2009 small business stimulus bill was a success, but that the money ran out last spring and another injection of capital is needed.
Mills has extensive experience in startups and small business, including industrial manufacturing in the Midwest, women-owned venture capital investments in New York and ship building in New England.