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What President Biden s Executive Order On Competition Means For Small Businesses

What President Biden s Executive Order On Competition Means For Small Businesses
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Advocate campaigns to reform the SBA

If Frank Knapp Jr. has his way, the Biden administration will budget more money for small businesses and give out more loans to entrepreneurs in underserved communities. “The SBA (Small Business Adminisrtation) is broken,” Knapp said when he visited the area as part of his nine-city, one-man tour, bringing his message to the attention of the public and media. “We’re at a 40-year low in new business startups,” he said. “Economists tell us that all net-new jobs in the nation are created by businesses less than five years old and that they have four or fewer employees.” Meanwhile, he cited the SBA Office of Advocacy which found the number of commercial banks declined from 14,400 to 4,600 since 1980, representing a 68% drop due to consolidations and failures.

Push for federal help for small businesses starts in Jacksonville

Kelly Harris runs restaurants on Jacksonville’s Southside and Frank Knapp Jr. runs business groups in South Carolina. But on frustrations over roadblocks facing small businesses, they’re in the same place. That’s why Knapp, president and CEO of the South Carolina Small Business Chamber of Commerce, ended up Monday outside Harris’s Village Bread Café on Philips Highway launching a nine-city swing through Florida to publicize a campaign labeled “Reform the SBA.” Despite regular statements by politicians that small businesses are the backbone of America’s economy, Knapp said, “the backbone of our economy is deteriorating.” The campaign highlights concerns about slumping rates of new business startups and asks Floridians to urge members of Congress to create a new federal small-business loan program and give new responsibilities and resources to the U.S. Small Business Administration.

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