U.S. Department of the Treasury

REMARKS OF DEPUTY SECRETARY SARAH BLOOM RASKIN AT THE U.S. SMALL BUSINESS ADMINISTRATION AWARD CEREMONY

 

As prepared for delivery

 

WASHINGTON - Good afternoon, everyone.  I’d like to welcome you all to Washington and to this afternoon’s award ceremony.  It’s terrific to see you all, and I am glad to have an opportunity to join you, and to congratulate today’s honorees.

 

I will cut to the chase with one simple message: your businesses are a vital part of our country’s growth and prosperity.  There are approximately 28 million small businesses in the U.S., and they create nearly two-thirds of all new jobs in our country.  When small businesses are positioned to succeed, our economy and country are positioned to succeed.  Your businesses are the economy’s backbone, and the source of our country’s innovation, global competitiveness, and growth.  This is why we honor you today. 

 

I’m proud that the Administration has focused attention on small businesses.  The creation of the State Small Business Credit Initiative and the Small Business Lending Fund are two examples.  The State Small Business Credit Initiative combines federal resources with local, state expertise to deliver capital to small businesses in a way that is highly responsive to needs in local markets.  Through 2014, participating states reported expending $864 million through the State Small Business Credit Initiative, resulting in new loans and investments to more than 12,400 businesses whose owners have reported creating or retaining more than 140,000 jobs.

 

Likewise, the Small Business Lending Fund uses a powerful rate incentive structure to encourage banks to make good, sound loans to small businesses.  Since its inception, banks that tap into the Small Business Lending Fund have increased their loans to small businesses by $15.1 billion.  By enhancing access to credit, initiatives like these help propel small businesses, and in so doing, economic prosperity, forward. 

 

The Administration has also devised a tool to help entrepreneurs who start businesses plan for their retirement and the retirement of people they employ.  This new tool is called myRA, or my retirement account, and it was developed to help the millions of Americans who don’t have access to workplace retirement plans or who are ineligible to participate in them.  MyRA offers individuals a type of Roth IRA, which is invested in a new Treasury savings bond.  The accounts cost nothing to open, have no fees, and balances will never go down.  This is an ideal resource for small businesses and their employees.

 

These initiatives, in concert with ongoing work across the government, and in particular at the Small Business Administration, are designed so that small businesses can thrive and encourage the best traits underlying American prosperity: ingenuity, rigorous business analysis, and a determination that identifies consumer demand and creates business models that, when marketed and scaled, meet this demand. 

 

Today’s awardees embody these traits completely.  Those of you being honored today stand out in our communities.  You are micro lenders, business counselors, business development and outreach centers, manufacturers, and service providers.  You were nominated by local SBA offices, chambers of commerce, elected officials, and members of the public for excellence across several criteria. And from there, you made it through a selection process, which incorporated analysis of application packets, financial makeup, and business plans to show soundness, forward-thinking, and sustained ingenuity.

 

I’d like to thank Administrator Contreras-Sweet for bringing this impressive group together.  Her visionary leadership has fueled many important initiatives for our nation’s small businesses, the most recent of which are outreach events this week and today’s ceremony. 

 

In closing, on behalf of the United States Department of the Treasury, congratulations to this year’s awardees, and thank you to all in the small business community here for your continued vision, innovation, and contribution to our nation’s prosperity. 

 

Thank you.

 

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