BOLD COMMITMENT TO SMALL BUSINESS
In his State of the Union Address, President Obama put forward a plan that will help small business owners expand and create jobs through initiatives on tax reform, manufacturing, clean energy, immigration, and skills and education. When combined with the President’s plan for balanced deficit reduction, none of these proposals will add a dime to the deficit.
In Region 9, we are off to a great start this year responding to the President's call to increase capital and investment. As of February 15, 2013, we supported 3,123 loans--leading the nation in total value at $2.36 billion. Nationally, for the month of January 2013, loan approvals were the highest compared to the past 5 fiscal years at $1.58B.
We expect 2013 to be a robust year for all of our loan programs, including a renewed commitment to our returning Veterans. This month we have selected lenders throughout the region to pledge their commitment to increase the amount of loans serving this important constituency. SBA will soon release the names of the participating lenders.
We also will be particpating in two important marketing initiatives to increase access to information about the Affordable Care Act and stimulate further growth in the manufacturing sector--more information on these efforts are detailed below.
We look forward to hearing how we can improve our financial and other services to you. As always, please contact me with any suggestions and ideas.
SBA Regonal Administrator Elizabeth Echols delivered keynote address at Hispanic Chamber of Commerce Alameda County January breakfast meeting.
Ylma Gutierrez, Maaco Auto Body and Paint Collision Center, Monica Tell, Chamber Chairperson, Elizabeth Echols, Jose Duenas, Chamber President.
AFFORDABLE CARE ACT:
GET FACTS, NOT FICTION!
Since the Affordable Care Act became law nearly three years ago, there has been an ongoing stream of misinformation about the impact the law will have on America's small business owners.
The law includes a number of benefits for small businesses to help them access better health care options for their employees and reduce overall costs – including tax credits and the opportunity to leverage their buying power with other small businesses in new healthcare marketplaces.
According to the IRS, hundreds of thousands of small businesses have already benefited from the tax credits alone--you too can take advantage of them when filing this year.
SBA's new web page, www.sba.gov/healthcare, breaks down the key provisions of the law for different types of businesses. The site ALSO provides links to a glossary of key health care reform terms, an interactive timeline with dates for when certain reforms will be implemented, a state-by-state breakdown of health care options, and how to learn more about specific tax provisions and regulations. Additional resources will be added as they become available.
Regional Administrator Echols Honors SBA’s 2012 Arizona Minority Small Business Person of the Year, Cynthia Reed, owner of MIRACORP in Mesa, AZ
NATIONAL EFFORT TO SERVE MANUFACTURING
During his recent State of the Union, President Obama restated his commitment to making America a magnet for jobs and manufacturing so we continue to build things the rest of the world buys. After shedding jobs for more than 10 years, our manufacturers have added about 500,000 over the past three. Manufacturing production has grown since the end of the recession at its fastest pace in over a decade. The President's plan emphasizes:
Ending tax breaks to ship jobs overseas and making the U.S. more competitive: To support our manufacturers and encourage companies to invest in the U.S., the President has proposed to reform our business tax code, lowering the rate for manufacturers to 25 percent, expanding and making permanent the research and development tax credit, and putting in place a global minimum tax to prevent a race to the bottom in corporate tax rates.
Bringing Jobs Back: The President has proposed a new partnership with communities to attract manufacturers and their supply chains, especially to hard hit manufacturing towns. The President is also proposing to expand SelectUSA, a program designed to partner with our governors and mayors to bring in business investment from around the world, ensuring that America can compete globally and bring jobs and investment to our shores.
Leveling the playing field and opening markets for American-made products: In addition to the President’s efforts to double exports, including through new steps to open markets in Asia and Europe to American-made goods, the President will continue to enforce trade laws to protect American workers from unfair trade practices and strengthen the Interagency Trade Enforcement Center launched last year.
SBA's REGIONAL COMMITMENT TO MANUFACTURING
Manufacturing today accounts for 12 percent of the U.S. economy and about 11 percent of the private-sector workforce. The sector creates economic opportunity and develops in-demand ‘hard’ skills for millions of middle class Americans. At SBA, we want to be integral to this process. Our goal is to create more skilled jobs. Together, through a manufacturing sector built to last, we can achieve our highest aspirations.
Thus far for FY2013 , in Region 9 of SBA the manufacturing sector is one of the highest ranked recipents of SBA loan guarantees. In Los Angeles ($77.4 milllion), Santa Ana ($45.4M), Sacramento ($15.2M), and San Diego, ($15.3M) manufacturing is ranked first or second. District Offices reporting manufacuring ranked as one of the top 5 industrial sectors include San Francisco ($20.8M), Arizona ($12.7M), and Nevada ($4.7M)
In addition, many of the SBA funded Small Business Devleopment Centers have specific training and counseling programs focused on manufacturing.
Our SBA 504 loan eliminated the need to be constantly moving manufacturing sites to keep up with rapid growth and fixed our long term building expense.
Quick Mount PV, Walnut Creek, CA