Obama signs Small Business Jobs Act into law
- Parent Category: News
- Published: Monday, 27 September 2010 17:33
- Written by NCAIED release
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National Center PRESIDENT/CEO Eric S. Trevan represents Native businesses in a select group witnessing the White House signing ceremony
WASHINGTON - SEPTEMBER 27, 2010 - As the only Native American representative attending the ceremony for President Barack Obama to sign into law the $30 billion small business lending measure – the Small Business Jobs Act - Eric S. Trevan, President and CEO of the National Center for American Indian Enterprise Development (NCAIED) joined other small business leaders in applauding the new law’s many provisions that will help all small businesses, including companies owned by Native individuals and Indian tribes, across the United States.
“This is a bill that will cut taxes and help provide loans to millions of small business owners who create most of the jobs in this country.” President Obama said.
Besides providing $30 billion in capital to small banks with incentives to increase small business lending, the bill will create the State Small Business Credit Initiative to strengthen state programs that support lending to small businesses, eliminate capital gains taxes on certain small business investments, amounting to $10 billion in small business tax cuts and increase the amounts of loans that the Small Business Administration (SBA) could provide.
President Obama said the incentives will help small businesses right away and extends the successful SBA Recovery Act provisions and includes eight new small business tax cuts – all effective as of today, and apply to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and to expand.
Trevan said, “The bill will not only cut taxes and make loans more available for small businesses; for Indian country, it will provide excellent incentives and opportunities for Native businesses to infuse capital into their businesses and realize their entrepreneurial dreams.” In particular, he added, “The new law includes hard-fought provisions that will make more contract opportunities available to small businesses, including: constraints on contract bundling and consolidation; greater assurances for companies to receive subcontracts as originally bid and prompter payments; and “parity” for 8(a), HUBZone, and the other small business contracting programs.”
Key provisions of interest to companies and entrepreneurs assisted by the National Center include: increases in SBA loan limits; increased deductions for start up expenditures; small business export promotion enhancements; and improvements for small business contracting.
Trevan added, “It was an honor to represent the National Center at the signing ceremony today and witness history being made. It is truly great news for small businesses in Indian country that play a vital role in rebuilding and strengthening Native American economies.”
The National Center for American Indian Enterprise Development (NCAIED) is the first national non-profit corporation solely dedicated to developing American Indian economic self-sufficiency through business ownership. NCAIED supplies technical assistance in procurement and business consulting services in all areas of business development to American Indian owned small businesses and tribal enterprise operations and works with federal government agencies, corporations and foundations to facilitate business relationships between Indian country enterprises and private industry.