What do you need to start your own business? The two main things that come to mind are a great idea and money.
That was part of the message yesterday, when U.S. Small Business Administration deputy administrator Marie Johns visited the area, AL.com reports. They also report:
Like other cities, entrepreneurs in Birmingham said they need help with loans and expressed a desire to streamline the federal paperwork required to get them.
It’s not that all entrepreneurs need large loans — in fact, the agency has a Small Loan Advantage program for loans up to $250,000. But as the story says, sometimes they don’t have what they need on hand, and filling out the paperwork can be almost not worth the effort.
However, boosting the small business economy is important:
“Small businesses play a vital role in our economy,” Johns said. “Small businesses employ half of all people in the U.S. and create two out of every three new jobs.”
So — small businesses help the economy, and are the main source for employment. More small businesses could get off the ground if they had microloan programs to give them the beginning kick they need. Using that logic, do you think small loan programs are part of the answer?
As far as the “great idea” part of entrepreneurism, you’re on your own.
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