BusinessBrief.com » The 3 best ideas Obama heard from business leaders at jobs summit

The 3 best ideas Obama heard from business leaders at jobs summit

December 9, 2009 by Jim Giuliano
Posted in: Special Report


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At the recent White House jobs summit, President Obama got an earful from 130 business leaders. Here’s what they want — and what Obama is likely to try.

  • Open more credit lines for small firms. The Big Boys in business are getting access to the credit they need — via big banks or stock deals. Not so for the Little Guys. Most of them rely on small or midsize banks, where credit is tightest.
    What Obama heard:
    Get more money into the hands of other-than-humongous bankers — with the stipulation that they lend it to smaller businesses. And stabilize the housing market and mortgages because home equity is a main source of financing for entrepreneurs.
  • Set up hiring and expansion incentives. Even a small drop in business often means a drop in employees when you’re a smaller company. If President Obama wants employers to hire while business is still down, he’ll have to figure out some incentives.
    What Obama heard: Enact targeted tax credits (a) to companies that increase payrolls and (b) to businesses that do the research and development needed to expand business and hire more workers.
  • Use “rescue” money to rescue businesses. Any program is going to cost money, and no one’s in the mood to increase the already-ballooning deficit. So one solution might be to divert some cash in the Troubled Asset Relief Program from the financial industry to a program that promotes jobs and small and midsize businesses.
    What Obama heard: Work with Congress to redistribute leftover TARP money. That’s complicated and requires more than just a stroke of the pen, since the money was appropriated for a specific purpose initially. But it’s not impossible.
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One Response to “The 3 best ideas Obama heard from business leaders at jobs summit”

  1. Gary Says:

    And the fourth thing they said; “Don’t use us for photo ops when you really intend to implement programs that will destroy our businesses.”

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2010-09-02 16:02