Economy Depends on the Success of Small Businesses says Obama

Today President Barack Obama spoke with a group of entrepreneurs and small business owners in Ohio. He stated they are among the prime drivers of the economy in this country.

“When small businesses do well, then America does well,” Obama said before the start of the sessions at Cleveland State University.

Ohio has been hit by job losses. Obama said he wants to hear from these small business owners about their successes as well as their failures and what has hindered their growth over the last few years. Ohio had a 9.6 percent unemployment rate in December, compared with a national average of 9 percent in January, according to the Labor Department.

Cabinet officials will lead smaller sessions with small business leaders today: Treasury Secretary Tim Geithner will talk about ways the administration has made it easier for small businesses to access capital and he’ll discuss tax cuts the administration has put into place; Small Business Administrator Karen Mills will lead a session about encouraging entrepreneurs to start businesses; Commerce Secretary Gary Locke will talk about ways the administration is working to double exports within the next five years; Labor Secretary Hilda Solis will lead a session about better educating the workforce, and Energy Secretary Steven Chu will discuss clean energy technology.