Small businesses are the lifeblood of our nation’s economy. Family-owned small businesses are more than just a place to work, they are living and breathing enterprises that are often passed from one generation to another. Arkansas is full of successful small businesses and family startups.
This week the House of Representatives took action to revive our economy and restore opportunities for small businesses and entrepreneurs. The Jumpstart Our Business Startups, or JOBS Act, is a bipartisan bill that will spur the growth of startups and small businesses while paving the way for smaller scale businesses to go public and create jobs. Additionally, the JOBS Act is proof that Republicans and Democrats can work together and deliver results on common ground issues to boost American entrepreneurship. The JOBS Act is supported by Democrats and Republicans in Congress, by President Obama and by the President’s Council on Jobs and Economic Competiveness.
The JOBS Act will ease a ban by the Securities and Exchange Commission that prevents small, privately held companies from advertising for investors. The bill will help entrepreneurs and small business owners access the capital they need to be innovative and ultimately create jobs. Small businesses, not the federal government, are the primary engine of job creation for our country.
To give small investors a chance to invest money into startup businesses, the JOBS Act improves access to capital for small businesses and ensures that government allows small businesses to obtain the investment capital they need to finance their operations. The bill would allow Americans the freedom to invest in cutting edge startup companies without having to go through Wall Street.
Rural community banks are often times the first place that a small business owner goes to expand his or her business or launch a new idea. Community bankers know their customers because they see them at church, in the grocery store and at the local high school football game. The JOBS Act will give community banks the opportunity to help more entrepreneurs by increasing the number of shareholders who can invest in the bank from 500 to 2,000. This will help community banks loan more capitol and create jobs.
The JOBS Act that passed the House of Representatives this week will help restore America’s economy and put more American’s to work. In an era when many people have lost faith in Washington’s ability to accomplish big goals, the bipartisan JOBS Act is proof that Democrats and Republicans can work together for the good of the country.