Also in this playlist...
This transcript is automatically generated
What about the little guys and gals large firms -- benefited from billions and federal bailout money.
Handouts why many small businesses really almost all of them across this country continue to struggle.
No money for them attorney -- -- -- Jack represents many small businesses and says the government should be doing more to help.
Joining us now he is -- partner of -- -- and Wally this garbage math and keep it thank you very Umar had a great city.
What can be done looking at just let's say look at the TARP money they're still banks sit in on about a 133 billion dollars of it.
Should the government -- bearing down on these banks to make loans to small businesses who cannot get them.
That the government's been suggesting to banks that they help fund small businesses and for purposes of our audience of small business has less than 500 employees and basically -- half of the people in the country and nonfarm payrolls so.
The government has been suggesting to banks that they do this but and I think a little more pressure is needed.
Because what we're finding from our clients is that them when -- They eventually do get a term -- it sounds so onerous and it's impossible -- comply with.
If data -- I want to start a small business today could we get credit you've I would not be able to get kind of unless you're.
Financial means where you -- personally guarantee -- -- credit yourself.
Let's -- -- basically unless you're very -- -- so it excludes anybody without significant assets.
What what about though have you seen lately.
People but may be in this will not be a problem that solved by other business owners and Angel investors people who.
Have made money during good times are willing to extend money.
Make investments in startups are you starting to see glimmers that.
We are actually the last several weeks we have about three startups come and with.
With money -- -- from investors who made money in the public stock markets and are now taking summoned.
Re allocating it to -- start ups.
Look at what decide what kind of businesses are they starting what types of businesses.
One is a media company wanted to technology based company and others and apparel based company.
And also farm small arms are people that are still let's not forget -- -- greatest companies in the world began as small businesses during recessions like.
Microsoft right the entrepreneurial spirit is there it was editor credit is not right that's the backbone of this country is small businesses that -- to grow and as a saw statistic yesterday actually.
The four to 500.
Companies from 1965.
What remains in there is 90% of them so.
He you you do see a lot of new companies coming up and making up the the backbone of this country.
Let's think about this the other way because these these three startups who came to you got money from.
Private investors -- angel's name that's very often family and friends for style money.
So -- -- talking about what the government should do for small business how about the government getting out of the way for small business.
Make it easier to do business in this country get rid of some of the headaches and paperwork and legal hurdles is that what we ought to be -- Now that there's a very good point the small business administration -- believe estimates that.
More time is spent and comply with federal regulation by small companies -- at large company and also.
I think overall the 45% more in terms of -- compliance that would be the state city federal tax compliance that a large business would have.
So if the tax code does need to be streamlined and move forward from there yeah I mean what what do we do -- and you see getting any better.
You do seagate any any better as people are getting frost Americans affront to wanna start companies you wanna get credit for their current companies -- -- banks hoarding capital.
I think there's bound to get better it is a tremendous amount of talent looking for jobs right now and if if you look historically.
The last fifteen years -- 65% of all -- net jobs have been created by small businesses.
And -- that therein lies the problem and people need to be employed.
Right you did.
You don't overhaul health care -- and tax the small business if you want businesses to grow and -- started right and as a group small businesses are too large to fail but individually they think they -- distant and in the shuffle of bigger problems start -- start -- -- -- thank you sound like my aircraft hijack an attorney for small businesses please come back this past and it's up things all right well.
Filter by section