Have Small Businesses Been Left Out of the Recovery?

Wall Street Journalist David Weidner argues a strong case in his recent article entitled "Crashing the White House Jobs Summit: Small Business Has Been Left Out, Maybe That's Why There Are No Jobs." He points out that although the general public was shocked last week at the ease with which crashers snuck into the White House Forum - they in turn accomplished what few businesses owners have been able to do: get attention from the White House.

With small businesses serving as the engine to the U.S. economic recovery, its essential that we continue to progress forward with lifting ourselves out of this financial crisis. Citigroup Inc. and General Motors Co. each received $50 billion in direct aid from the government; while small businesses have recieved less than $400 million in new loans under the stimulus bill, tax breaks, and a program that buys up to $15 billion in securities tied to small business loans.

Small businesses have generated 64% of all new jobs created in the last 15 years and employ half of all U.S. workers, according to the SBA. The nation's 29.6 million small businesses also drive the nation's innovation, producing 13 patents for every one patent generated by big corporations with research and development arms.

Upon review of this overwhelming evidence - the government's decision to not bail out CIT Group, Inc., a primary lender to small businesses leaves many small business owners scratching their heads in bewilderment.

Want to learn more? WIPP National Partner Rose Wang and WIPP Member Theresa Daytner represented the voice of WIPP at the White House Forum, advocating on behalf of the nation's small business owners. They will give a briefing on their participation at the forum this Thursday, December 10th - open to all WIPP dues-paying members. Have you made your voice heard lately? Participate in the call and be updated on whats going on on the Hill that will DIRECTLY affect your business. Click here to register.