Remarks by President Biden Before Meeting with Small-Business Owners

2:08 P.M. EDT

THE PRESIDENT:  Good afternoon, everyone.  We’re joined today by five small-business owners who are helping power America’s economic recovery.

And I want — I want to welcome the Administrator of the Small Business Administration, Isabella Guzmán.  Nice to have you, kiddo. 

ADMINISTRATOR GUZMÁN:  Thank you.

THE PRESIDENT:  And these enterprises and entrepreneurs know that an American economy is strong because America’s small businesses are strong.

Small businesses typically account for more than 40 percent — people don’t realize it — 40 percent of the gross domestic product of the United States.  They create two thirds of all new jobs.  And they employ nearly half — nearly half of all the private sector workers.

And today, thanks to the economic strategy, more — more small businesses are being created, and small businesses are creating more jobs faster than ever before.

Thanks in large part to the American Rescue Plan, last year, Americans applied to start 5.4 million — 5.4 million new businesses, 20 percent more than any other year on record. 

We saw businesses with fewer than 50 workers create 1,900,000 jobs for the first three quarters of 2021 alone.  That’s the highest rate of small-business creation ever — ever recorded in a single year.  And we have some of the folks right here who did it. 

We have every indication that this trend is going to continue.  The reason for that is because we’re giving people financial security to take a risk and pursue their small-business dreams.

This boom has been particularly strong for entrepreneurs of color.

Hispanic entrepreneurs started new businesses in 2021 at a faster rate in more than a decade, 23 percent faster than the pre-pandemic levels.

And, you know, the five folks that join me today exemplify what a difference it makes when — when everyone gets a fair shot.

Jennifer was — was able to start growing her engraving business last year because of the Child Care Tax Credit and the small-business support of the Small Business Administration.

Jeff and Nicolas are master coffeemakers — roasters — who were able to open their first brick-and-mortar café last year.

And Eddie and Daniel were able to turn their food truck into a brick-and-mortar company of their own.  (Laughs.)  That must feel pretty good, huh?

And they’re just some of the folks driving this economic recovery and reminding us that everything — that anything and everything is possible in America.

And my administration is working tirelessly to open doors for more outstanding entrepreneurs.  You know, unfortunately, Republicans have a different approach.

The Republican plan, led by Senator Rick Scott of Florida, Chairman of the National Republican Senatorial Campaign Committee, would tax half of our small-business owners an extra $1,200 a year on average.

Not only do they oppose making big corporations pay their fair share, they want middle-class families and small-business owners to pay more.

Our administration estimates that the Republican proposal would raise taxes on 6.1 million small-business owners, including 82 percent of small-business owners who earn less than $50,000 a year.

That just doesn’t — that’s — that’s just not right.

Our administration wants to make it easier to start a business, easier for a small business to succeed.  And our plan is to, one, expand access to capital for small businesses; make historic investments in technical assistance programs to help entrepreneurs thrive; and direct hundreds of billions of dollars in government contracts to small businesses in every community; and level the playing field — and I mean level the playing field for small business, making sure the largest corporations in America begin to pay their fair share.

And now I’m looking forward to discussing my plan and hearing from these remarkable entrepreneurs.  Thank you for being here.

2:12 P.M. EDT

Source: The White House

Covid-19 and the need for talent driving executive decisions on work location …

NEW YORK, Oct. 13, 2020 /PRNewswire/ — A new survey of U.S. business executives concludes corporate decision makers find large urban areas less attractive business locations due to the COVID-19 pandemic. Released today at the International Economic Development Council (IEDC) Annual Conference, which is being held virtually from Dallas, the study shows that nearly 50% of the executives surveyed reported that large urban areas – cities with a population of more than 1 million – are less attractive as business locations due to COVID-19. Respondents also reported that their perception of some state’s business climates has deteriorated due to the way some states have handled the pandemic.

Conducted by Development Counsellors International (DCI) every three years, the “Winning Strategies in Economic Development Marketing” survey has tracked trends in economic development since its inception in 1996. In light of COVID-19, this year’s survey also includes findings about how the pandemic affects corporate location decisions and perceptions of U.S. cities and states.

“Now in its ninth iteration, the Winning Strategies survey reveals the changing perceptions of location decision makers, as well as the tools and tactics that help shape those perceptions,” said Julie Curtin, president of DCI’s economic development practice. “The confluence of a global pandemic, a presidential election and intense scrutiny of equity policies is putting a renewed interest on how location decisions are made, so the results from this year’s survey are especially interesting for communities and site selectors alike.”

Key findings from the 2020 survey, which is based on the aggregate responses of 316 corporate executives with site selection responsibilities, include:

  • States with the Best Business Climates: Texas ranks No. 1 with 48% of respondents citing the state as having a favorable business climate, followed by Georgia at No. 2 with 25%, North Carolina at No. 3 with 22%, Florida at No. 4 with 18% and Tennessee at No. 5 with 13%.
  • States with the Worst Business Climates: California has held the distinction of being the least-favorable state for the past seven editions of the survey, with the percentage rising from 57% in 2017 to 63% this year. New York, Illinois and New Jersey have also been ranked in the top five for the last three editions of the report.
  • Corporate executives are closely watching the presidential election and expecting to pivot if needed. A majority of respondents (55%) reported that should President Trump be re-elected, they—or their clients—will be more likely to explore locations in the United States.
  • Talent continues to rule the decision-making process. Even as the country has seen unemployment rates skyrocket since the start of the pandemic, skills gaps continue to exist and access to skilled talent remains the top location factor in site selection searches.
  • Even amidst the pandemic, companies are moving forward with location decisions. 55% of respondents reported that their company will make a location decision (such as move, expand or consolidate) during the next 24 months—5 percentage points up from 2017.

Best States for Business:

  1. Texas                                 48%
  2. Georgia                              25%
  3. North Carolina                    22%
  4. Florida                                18%
  5. Tennessee                         13%

Worst States for Business:

  1. California                           63%
  2. New York                           33%
  3. Illinois                                 32%
  4. New Jersey                        14%
  5. Florida                                12%

For a free copy of the full “Winning Strategies” survey report or an executive summary, visit aboutdci.com/thought-leadership/winning-strategies.

About DCI
Development Counsellors International (DCI) is the leader in travel and economic development marketing — increasing visitors and business inquiries for places across the globe. Since 1960, DCI has worked with more than 500 cities, regions, states and countries, helping them attract both investors and visitors. DCI has offices in New York, Denver, Toronto and Los Angeles. For more information, visit aboutdci.com or follow @aboutDCI on Twitter.

SOURCE Development Counsellors International

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