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New Top Economic Advisor a Staunch Proponent of Small Business
Published on Jan 17, 2011
Read 'New Top Economic Advisor a Staunch Proponent of Small Business' at 'Time to Start Up,' the small business blog by BizFilings.
Last week, President Barack Obama announced former Treasury Department advisor Gene Sperling to head the National Economic Council - the top economic advisor to the president.
Sperling has been regarded by a number of leading economists as a champion of small business. Karne G. Mills, head of the Small Business Administration, claimed "he has a real understanding of all of the facets of the small business community - all the diversity in the small business owners - and of how all of the diverse members of the financial community operate on behalf of small businesses."
The National Small Business Association has also announced their support of the appointment. Much of the accolades likely stem from Sperling's critical role in promoting the creation, and subsequent drafting, of the Small Business Jobs and Credit Act, which was signed into law by the president last September.
The small business bill provides a $30 billion fund to community banks to be used as an incentive for lending to small businesses. Last week, the Small Business Administration announced it has supported more than $12 billion in small business loans since the passage of the bill.
While unemployment fell to 9.4 percent last month, the availability of credit is seen as a major obstacle to small businesses and wider economic recovery. As other economic indicators show slow but sure improvements, analysts are hoping business filings and entrepreneurial activity will continue to grow through 2011.