Obama recently told a group of entrepreneurs at Cleveland State University in Ohio he believes one of the most important ways Americans can continue to stay ahead of global competition is through innovation driven by small business, according to a report from Businessweek. The speech was part of an effort to encourage growth in the tech industry in a state hit hard by unemployment and urban decay.
“The big companies generally get most of the attention in our economy,” Obama said in his opening remarks, according to the report. “But it’s small businesses like yours that help drive America’s economic growth.”
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The importance of small business was also highlighted in Obama’s State of the Union address, the report said. The president was also joined at the meeting by administration members including Secretary of the Treasury Timothy Geithner, who highlighted the House’s efforts to help small businesses get new lines of credit and take advantage of tax breaks.
Small businesses across numerous industries actually employ a majority of Americans, and numerous studies have found that the ability of these companies to take on new workers hinges in part on their ability to access new lines of credit.