Nov. 27: Consumers Can Show Their Support for Small Business This Holiday Season on 'Small Business Saturday[SM]'

First there was Black Friday, then Cyber Monday. On Nov. 27, 2010, comes Small Business Saturday[SM], a day to support the local businesses that create jobs, boost the economy and preserve neighborhoods around the country. This year's first-ever Small Business Saturday is a national movement to drive shoppers to local merchants across the U.S.

Joining GoodBiz113 ad partner American Express OPEN, the company’s small-business unit, in declaring the Saturday after Thanksgiving as Small Business Saturday, are an initial group of more than a dozen advocacy, public and private organizations, including:

* The 3/50 Project
* Business Matchmaking
* Chicago Convention & Tourism Bureau
* Count Me In for Women's Economic Independence
* Destination DC
* eWomenNetwork
* Facebook
* Girls Inc.
* Greater Boston Convention and Visitors Bureau
* LA INC. The Los Angeles Convention and Visitors Bureau
* National Association of Women Business Owners [NAWBO]
* National Trust for Historic Preservation’s Main Street Center
* New York City Department of Small Business Services
* NYC & Company
* San Francisco Convention & Visitors Bureau
* SCORE: Counselors to America's Small Businesses
* Women Impacting Public Policy
* Women’s Leadership Exchange
* Women President’s Organization
* Yelp!

American Express Chairman and Chief Executive Officer Kenneth I. Chenault will launch the nationwide program later today with New York City Mayor Michael R. Bloomberg.

Small Businesses Rock!
Small businesses are critical to the nation’s overall economy. According to the U.S. Small Business Administration [SBA], there were nearly 28 million small businesses in the United States last year. Over the past two decades, they created 65 percent of net new jobs.

Their importance to local communities extends even further. For every $100 spent in locally owned, independent stores, $68 returns to the community through taxes, payroll and other expenditures, according to the small-business advocacy group The 3/50 Project.

"Small business is the engine of job creation in the U.S. economy," said Mr. Chenault, chairman and chief executive officer, American Express. "It is also among the sectors hardest-hit by the recession. By spreading the word about Small Business Saturday, we can help raise awareness about the critical role small businesses play in cities and towns across the country at a time when they need support the most."

"Small businesses are the backbone of our economy and the glue that holds communities together, and we’ve always sought new ways to support them -- something that became even more important when the national economic downturn began," noted Mayor Bloomberg. "When Ken Chenault told me about his idea for Small Business Saturday, I jumped at the opportunity to participate.

"We’ve all heard about Black Friday and Cyber Monday. This year, if you have the opportunity to shop on the Saturday after Thanksgiving, make it a point to visit local small businesses. It really can make an enormous difference for merchants trying to succeed."

Joining the Movement
Social media will play a central role in helping raise awareness about the importance of supporting small business and recognizing Small Business Saturday. American Express is launching campaigns on Facebook and Twitter, driving consumers and business owners to http://www.facebook.com/SmallBusinessSaturday, where they can participate in many ways -- including:

* American Express is giving a $25 statement credit to 100,000 Cardmembers who register their Card and use it to shop on Small Business Saturday at any locally owned, independent small businesses that accept American Express.

* American Express is also giving $100 of free Facebook advertising to 10,000 business owners who sign up at http://www.facebook.com/SmallBusinessSaturday to help build online buzz and drive customers to shop at their businesses on Small Business Saturday. By simply entering a few pieces of information and clicking a button, these business owners can create a personalized, geo-targeted ad that will run on Facebook leading up to Nov. 27. Facebook has donated $500,000 in Facebook credits for these small-business owners to use in the future.

* Small-business owners can also download online promotional materials and use a number of social-media tools to promote their businesses on the inaugural Small Business Saturday.

* Everyone can spread the word about the day and their favorite businesses by giving a shout-out to their favorite local shops and restaurants via Facebook and Twitter.

* For every person who "likes" Small Business Saturday on Facebook, American Express is donating $1 up to $500,000 to Girls Inc., to empower young women to be the entrepreneurs of tomorrow.

To support Small Business Saturday, American Express is also launching a national advertising campaign.

"Supporting local business is more than just a one-day event, and Small Business Saturday is a movement we can all help sustain," Chenault added. "We encourage consumers across the country to join us and the many advocates that are already on board."

Who Has Joined the Movement?
An initial group of more than a dozen advocacy, public and private organizations are thus far part of the Small Business Saturday movement.

"The 3/50 Project is pleased to be joining American Express OPEN on Small Business Saturday," said Cinda Baxter, founder of The 3/50 Project. "According to a recent survey, 90 percent of consumers are willing to pledge support for a buy-local-small-business initiative. So, I ask everyone to pledge their support for Small Business Saturday and to shop exclusively with independent stores on Nov. 27."

The 3/50 Project encourages consumers to pick three locally owned, independent brick-and-mortar businesses they can’t live without, and commit to spending $50 per month across the three businesses -- in addition to all of the other spending they do.

"When we invest in small businesses, we are investing in Main Streets -- the places that give our towns and cities a unique sense of place," said Stephanie Meeks, president of the National Trust for Historic Preservation, which includes the National Trust Main Street Center. "By celebrating Small Business Saturday and shopping at independent businesses, everyone can play a part in strengthening our economy and supporting revitalization on our Main Streets."

The National Trust for Historic Preservation’s Main Street Center is a preservation-based economic development program that helps more than 2,000 communities nationally revitalize their historic and traditional commercial districts by leveraging local assets.

For more information on the movement, visit http://facebook.com/smallbusinesssaturday or http://www.smallbusinesssaturday.com/.

American Express OPEN
American Express OPEN is the leading payment card issuer for small businesses in the United States, and supports business owners with products and services to help them run and grow their businesses. This includes business charge and credit cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners, plus online tools and services designed to help improve profitability.

Learn more at http://www.open.com/ and connect at http://www.openforum.com/, http://www.facebook.com/open and http://twitter.com/openforum.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at http://www.americanexpress.com/, and connect on http://www.facebook.com/americanexpress, http://twitter.com/americanexpress and http://www.youtube.com/americanexpress.

The 3/50 Project
The 3/50 Project [http://www.the350project.net/] is a grass-roots awareness campaign focused on reuniting consumers and independent, locally owned brick-and-mortar businesses in their communities.

Begun in March 2009 as an off-the-cuff blog post written by Minneapolis retail expert, Cinda Baxter, The 3/50 Project asks consumers to return to three local businesses they love and don’t want to lose, then to commit $50 of their current monthly budget toward local, independent merchants.

The message went viral via social media, exploding onto the national stage as a unique, positive and achievable concept. Launch of http://www.the350project.net/ and its companion Facebook page have since garnered international support from small-business owners and consumers alike.

The National Trust for Historic Preservation Main Street Center
Established in 1980 as a program of the National Trust for Historic Preservation, the National Trust Main Street Center is the nation’s largest commercial district revitalization organization. The Center provides information, offers technical assistance, holds conferences and workshops, and conducts research and advocacy on critical revitalization issues in order to best serve the communities and individuals interested in revitalizing traditional commercial districts.

The National Trust for Historic Preservation [http://www.preservationnation.org/] is a nonprofit membership organization bringing people together to protect, enhance and enjoy the places that matter to them. By saving the places where great moments from history -- and the important moments of everyday life -- took place, the National Trust for Historic Preservation helps revitalize neighborhoods and communities, spark economic development, and promote environmental sustainability.

SOURCES: American Express OPEN, National Trust for Historic Preservation, The 3/50 Project, U.S. Small Business Administration
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House Passes Small-Business Capital Bill; Initiative Would Reinvigorate Investment in Small Businesses

Yesterday, the U.S. House of Representatives passed the Small Business Lending Fund Act of 2010, H.R. 5297, by a vote of 241-182. The legislation will aid small businesses in securing capital through new community bank incentives, support for state lending initiatives, and by opening venture-capital markets to small businesses.

"Today, under the leadership of Speaker Pelosi, Majority Leader Hoyer, Chairman Frank, Chairman Levin and Chairwoman Velázquez, the House of Representatives took strong action to help continue moving our nation's economic recovery forward," declared U.S. Treasury Secretary Tim Geithner. "At a time when too many small businesses are struggling to find access to the credit they need to hire and expand, this legislation will help ensure that Main Street entrepreneurs are better positioned to create new jobs and invest in their local communities."

The legislation passed by the House includes two key lending initiatives put forward by the Administration:

1] A Small Business Lending Fund that will provide small banks with capital and incentives to extend more credit; and

2] A State Small Business Credit Initiative to support innovative state small business programs -- many of which have been threatened by budget shortfalls.

"The lending initiatives passed today, along with the elimination of capital-gains taxes on small business investments approved by the House earlier this week, will help make certain that small businesses can play a critical role in building and sustaining our nation's economic recovery," Geithner added. "The Administration urges the Senate to take swift action on a package of measures to support small businesses, and looks forward to working closely with Congress as they move to finalize this legislation."

Rep. Nydia M. Velázquez [D-N.Y., pictured], chairwoman of the House Committee on Small Business, was pleased by yesterday's development. "As our most prolific job creators, small businesses will be central to the recovery of the U.S. economy," she said. "However, for entrepreneurs to expand and create jobs, they need access to financing. The measure we approved will make both credit and equity capital available for small firms."

While the legislation would establish a new $30 billion lending fund for community banks -- which proponents say would provide $300 billion in lending to entrepreneurs -- key changes were made during debate of the bill to ensure Main Street businesses benefit from the legislation:

* Rep. Glenn Nye [D-Va.] authored safeguards in the bill that will require banks to substantially boost their small-business lending to qualify for funds; and

* To further assist small firms, language prepared by Rep. Kurt Schrader [D-Ore.] would establish a new borrower assistance program, providing additional funds to small businesses who take out loans. The funds can be used at the entrepreneur's discretion to reduce their interest rates, defer their loan or cover monthly payments.

"Since the onset of the financial crisis, much has been done to shore up our nation's banks, but entrepreneurs' needs have gone unmet," Velázquez said. "These amendments will make sure that small businesses benefit from the current proposal, and I thank Mr. Nye and Mr. Schrader for offering them."

With the capital markets evolving, small businesses are increasingly looking beyond debt financing to equity capital to meet their financing needs. While entrepreneurs have traditionally used assets like real estate to secure loans, more and more business owners today seek financing based on their strengths; e.g., scientific expertise, research technologies, and potential for commercialization. For these firms, investment capital is a better financing solution.

To account for these economic changes, the legislation contains provisions aimed at reinvigorating investment in small start-ups. By establishing a new Small Business Early-Stage Investment Program, funds from the SBA will be paired with private capital to invest in small start-ups.

"In a world where revolutionary new products are conceived in dorm rooms and companies are born in garages, we need new ways of meeting businesses' capital needs," Velázquez noted. "The Small Business Early-Stage Investment Program recognizes this fundamental shift, taking steps to meet the capital needs of new businesses and helping them create jobs."

GoodBiz113's Take
This critical legislation is just the stimulus that U.S. small businesses need in order expand and create even more jobs for our nation's economic recovery. Kudos to Rep. Velázquez and her colleagues for propelling such far-reaching policy.

SOURCES: Community Development Venture Capital Alliance [CDVCA], Library of Congress, OpenCongress, U.S. Department of the Treasury, U.S. House Committee on Small Business, The White House
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Secretary Clinton Highlights Importance of American Exports to Overseas Markets During Visit to Boeing Maintenance Facility in Shanghai, China

Earlier today, Secretary of State Hillary Rodham Clinton [pictured] visited the Boeing Maintenance Facility at Shanghai’s Pudong Airport to promote U.S. aviation exports to China. She toured the facility and met with U.S. aviation exporters and other companies to discuss commercial opportunities in China. Participants shared their experiences with the secretary, and explained the opportunities and challenges they face in this dynamic market.

Secretary Clinton highlighted the importance of American exports to overseas markets, particularly in Asia, in support of President Barack Obama’s National Export Initiative -- a government-wide effort to double U.S. exports over the next five years, and support two million U.S. jobs.

* China is one of the fastest-growing aviation markets, and provides tremendous opportunities for U.S. companies and U.S. exports. Industry forecasts predict a 300 percent increase in passenger traffic, from 230 million passengers in 2009, to 700 million passengers in 2020 -- and further doubling to 1.5 billion by 2030. Aviation continues to be the leading U.S. export industry, generating a global surplus of $60 billion in 2008.

* The Boeing Maintenance Facility builds upon the commercial relationship between the United States and China to promote economic development, technological advancement, and prosperity for both nations and the world at large.

* U.S. exports to China are a key market -- the U.S.’s third-largest -- hitting record levels in the first quarter of 2010, with an increase of approximately 46 percent compared to 2009.

* The growth of imports from the United States in key sectors -- such as energy, chemicals, transportation, medical equipment, construction and machinery -- suggests that China will remain an important and viable market for a wide range of products. With growing numbers of Chinese people traveling abroad for education and leisure purposes, China’s contribution to U.S. educational institutions and the tourism industry is increasingly important, as well.

* The United States remains the largest single-country market for China’s exports.

Secretary Clinton has committed the Department of State and the U.S. Embassies overseas to support efforts to expand markets, promote American exports, advise businesses wishing to operate overseas, and protect U.S. economic interests. These efforts benefit American workers, businesses and economies and contribute to overall U.S. security and shared global prosperity.

For more information on President Obama’s National Export Initiative [NEI], please visit http://bit.ly/ObamaNEI.

GoodBiz113's Take
The NEI holds great potential for growing the economy, and helping U.S. businesses -- especially small businesses and farmers -- prosper for the long term. President Obama, Secretary Clinton and other members of the Administration are to be applauded for stepping up the win-win-win prospects of America's exporting activities.

SOURCE: U.S. Department of State
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President Obama: Small Business Must Be at Forefront of the Recovery

In this week’s address, President Barack Obama spoke of how important small businesses are to the economy and described the steps his administration is taking to support them.

Health insurance reform will allow small businesses to purchase insurance for their employees through exchanges -- which will increase the quality of coverage while lowering the costs -- and reform will provide tax credits to those businesses.

To free up credit, the President called on Congress to increase the size of various SBA loans, and he announced that the administration will be making more credit available to the small local and community banks that many small businesses depend on.

Following, are President Obama's remarks:

* * *

All across America -- even today, on a Saturday -- millions of Americans are hard at work. They're running the mom-and-pop stores and neighborhood restaurants we know and love. They're building tiny startups with big ideas that could revolutionize an industry -- maybe even transform our economy. They are the more than half of all Americans who work at a small business, or own a small business. And they embody the spirit of possibility, the relentless work ethic, and the hope for something better that is at the heart of the American Dream.

They also represent a segment of our economy that has been hard-hit by this recession. Over the past couple of years, small businesses have lost hundreds of thousands of jobs. Many have struggled to get the loans they need to finance their inventories and make payroll. Many entrepreneurs can’t get financing to start a small business in the first place. And many more are discouraged from even trying because of the crushing costs of health care -- costs that have forced too many small businesses to cut benefits, shed jobs, or shut their doors for good.

Small businesses have always been the engine of our economy -- creating 65 percent of all new jobs over the past decade and-a-half -- and they must be at the forefront of our recovery. That’s why the Recovery Act was designed to help small businesses expand and create jobs. It’s provided $5 billion worth of tax relief, as well as temporarily reducing or eliminating fees on SBA loans and guaranteeing some of these loans up to 90 percent, which has supported nearly $13 billion in new lending to more than 33,000 businesses.

In addition, our health reform plan will allow small businesses to buy insurance for their employees through an insurance exchange, which may offer better coverage at lower costs -- and we’ll provide tax credits for those that choose to do so.

And this past week, I called on Congress to increase the maximum size of various SBA loans, so that more small-business owners can set up shop and grow their operations.

I also announced that we’ll be taking additional steps through our Financial Stability Plan to make more credit available to the small local and community banks that so many small businesses depend on -- the banks who know their borrowers, who gave them their first loan and watched them grow. The goal here is to get credit where it’s needed most -- to businesses that support families, sustain communities, and create the jobs that power our economy.

That’s why we enacted the Financial Stability Plan in the first place, back when many of our largest banks were on the verge of collapse. Our credit markets were frozen, and it was nearly impossible for ordinary people to get loans to buy a car or home or pay for college. The idea was to jump-start lending and keep our economy from spiraling into a depression.

Fortunately, it worked. Thanks to the American taxpayers, we’ve now achieved the stability we need to get our economy moving forward again.

But, while credit may be more available for large businesses, too many small-business owners are still struggling to get the credit they need. These are the very taxpayers who stood by America’s banks in a crisis.

And now it’s time for our banks to stand by creditworthy small businesses, and make the loans they need to open their doors, grow their operations, and create new jobs. It’s time for those banks to fulfill their responsibility to help ensure a wider recovery, a more secure system, and more broadly shared prosperity.

And we’re going to take every appropriate step to encourage them to meet those responsibilities. Because if it’s one thing we’ve learned, it’s that here in America, we rise and fall together. Our economy, as a whole, can’t move ahead if small businesses and the middle class continue to fall behind.

This country was built by dreamers. They’re the workers who took a chance on their desire to be their own boss. The part-time inventors who became the full-time entrepreneurs. The men and women who have helped build the American middle class, keeping alive that most American of ideals – that all things are possible for all people, and we’re limited only by the size of our dreams and our willingness to work for them.

We need to do everything we can to ensure that they can keep taking those risks, acting on those dreams, and building the enterprises that fuel our economy and make us who we are.

Thanks.

* * *

The full video of President Obama's weekly address can be viewed online at: http://bit.ly/ObamaSmallBizRecovery

SOURCE: The White House
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