Big hopes for small business

Having lived in USSR, Israel and the United States (in this order, mind you ) I learned to appreciate the benefits offered by the free and open society. What amazed me the most is the practical implementation of the idea that personal freedom and an enterprising spirit can create wonders… and in a very short time. 

In my fairly short tenure in the US I’ve witnessed such companies as Google, Compaq, Netflix, JetBlue, Amazon and many others spring up from a great idea to become large corporations, bringing prosperity to countless families, neighborhoods, and even cities. The backbone of this phenomenon has always come on the wings of small business and the entrepreneurs who were ready to sacrifice everything for their dream. As reported by Bloomberg and  other major media outlets, US President Barak Obama, in his latest speech on small business credit crunch,  said that 65% of all new jobs created in the US in the last 15 years were created by small business. I can personally attest to this as I was a part of large number of Israeli start-ups that moved their bases to the US in the 1990s. 

However, in this current economic crisis, this engine of growth has been kept down by the credit crunch. This hurts all business, not just small businesses.  But, for small growing business this can mean closing the doors altogether. 

Lots of new ideas came to life out of economic crises. Many of today’s large corporations started in a similar situation. The difference this time is the extent of the financial meltdown and its impact on Main Street while Wall street is clearly recovering. Way too many businesses are stuck in their inability to extend credit. Way too many suppliers cannot meet their obligations. And way too many ventures cannot start because of venture capital not being available.

So I personally welcome the commitment of the US government to help small business. Being the government by the people and for the people, I really appreciate this announcement by my government today as it will impact all of us whether we care to think so or not.