National Business Leaders, Small Business Owners Share Economic Outlook After SOTU

WASHINGTON, D.C.–This evening, President Biden delivered the State of the Union Address and focused heavily on the economy and the growing strength of small businesses. 

Following the President’s address, business leaders and small business owners across the country shared their outlook on the economy. Here’s what they’re saying.

From National Organizations:

Ron Busby Sr., President and CEO, US Black Chambers, Inc.:

“This Administration’s commitment to ensuring increased opportunity for the business owners in our network underscores the dedication that has gone into the successes of the last two years. Though we realize there is still much work to be done, especially through our partnership with the Administration and members of Congress, we look forward to supporting the efforts led by the President to continue increasing opportunity for our firms. While there are many challenges ahead, we look forward to working together to achieve long-lasting policy change that drives economic growth for Black business owners across America.”

Rhett Buttle, Founder, Public Private Strategies & Co-Executive Director, Small Business Roundtable:

“The past two years have brought historic legislative accomplishments and bipartisan investments that are benefitting small businesses and the communities they serve all over America, including the Bipartisan Infrastructure Law, American Rescue Plan, Inflation Reduction Act, and CHIPS and Science Act. 

“Two years ago, we faced remarkable economic challenges. But these bipartisan investments have helped the economy recover and grow. Over 12 million jobs have been created, including over 750,000 manufacturing jobs, and we’ve seen the strongest two years of new small business applications in American history. Now, unemployment is at the lowest level in 53 years, annual inflation is falling, and real wages are rising. 

“In particular, small businesses have driven economic growth and job creation over the past two years. A new Wall Street Journal and Jefferies analysis shows that ‘small companies have been responsible for all of the net job growth in the U.S. since the onset of the Covid-19 pandemic and account for almost four out of five available job openings.’ Small businesses are leading the charge on economic recovery, and Main Streets across America are growing stronger every month.

“In order to build on this economic progress, the private sector and the public sector need to continue to partner to ensure that the implementation of recent bipartisan legislation results in dynamic and broad-based economic growth. 

“We urge President Biden and Congress to continue to work for bipartisan solutions that advance economic growth and opportunity, and avoid devastating setbacks, like defaulting on the federal debt.”

Lisa Coppola, Board of Directors Chair-Elect, National Association of Women Business Owners:

"Tonight, during the State of the Union, President Biden discussed bipartisan efforts that have helped strengthen the economy and create more opportunities for women business owners. 

"Efforts include the Bipartisan Infrastructure Law and the CHIPS and Science Act, both of which have already begun to bolster American manufacturing and create jobs. We know that when Congress and Administrations set aside politics, they are able to accomplish more. On behalf of America's women-owned businesses, we urge the President and the new Congress to continue prioritizing bipartisanship to advance strong economic growth."

Ying McGuire, President and CEO, National Minority Supplier Development Council:

“The National Minority Supplier Diversity Council (NMSDC) applauds President Biden’s address to Congress in which he tactically uplifts many concerns that specifically impact historically underserved minority-owned businesses.  During the past two years, this Administration has seen significant growth with the creation of over 10.5 million new businesses and an increase of 517,000 jobs according to the most recent job report in January, showing an increase of three times what estimates were projected and lowering the unemployment rate to the lowest in 53 years specifically in Black and Hispanic communities. This historic growth in business and job creation comes after the passage of critical bipartisan legislation, such as the Bipartisan Infrastructure Law and the CHIPS and Science Act. Both of these laws authorized billions of dollars for federal contracting and procurement, and have no doubt contributed to this robust job creation and business growth. This immediately impacts our minority business enterprises (MBEs), as many MBEs hire within their communities, providing opportunities and access to lower the racial wealth gap.

“NMSDC urges President Biden and Congress to continue to work for bipartisan solutions to promote policies that impact MBEs through contracting opportunities that promote economic growth.”

Ramiro A. Cavazos, President and CEO, United States Hispanic Chamber of Commerce:

“Hispanic-owned businesses across the country are getting stronger thanks to the generational bipartisan investments made in the past two years. These include the Bipartisan Infrastructure Law, the American Rescue Plan, and the Inflation Reduction Act. To support the five million Hispanic-owned businesses in the United States, the United States Hispanic Chamber of Commerce urges President Biden and the new Congress to continue to make bipartisan progress to support broad-based economic growth.” 

Keith Hall, President and CEO, National Association for the Self-Employed

“America’s surge in the small business community means we need continued strong bipartisan cooperation in Washington to ensure our small business community is robust and can continue to grow.” 

“We applaud and welcome these new entrepreneurs into our ranks – but to ensure sustained growth of our community, we need Congress and the Administration to continue to work together in a bipartisan way to create and foster a favorable policy and economic environment for small businesses to expand, save and grow.”

Justin Nelson, President, National LGBT Chamber of Commerce:

“LGBT-owned businesses have bounced back strong in the past two years thanks to critical bipartisan investments like the Restaurant Revitalization Fund and the Paycheck Protection Program included in the American Rescue Plan. As the economy continues to add jobs and unemployment reaches historic lows, the thousands of LGBT-owned businesses across America that contribute $1.7 trillion to the American economy, urge Congress to continue to work with President Biden to build on this economic momentum and find opportunities for bipartisan collaboration to support business owners, the people they employ, and the communities they serve.”

Chiling Tong, President & CEO, National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship

“National ACE supports the President’s efforts to ‘finish the job’ of building the economy from the bottom up, and reforming the tax code to reward work. 

“We are grateful to the Administration for its continued efforts to combat AAPI hate, including the recent launch of the National Strategy to Advance Equity, Justice and Opportunity for AA and NHPIs. We appreciate the President's recognition of Brandon Tsay, the hero of the Monterey Park shooting.

“We call on the Biden-Harris Administration and Congress to continue efforts to support the ongoing growth in the AANHPI business community and we look forward to working with them to achieve that goal.”

Candace Waterman, President and CEO, Women Impacting Public Policy

“Over the last two years, the Biden-Harris Administration has worked with Congress and across the aisle to advance important legislation, including the CHIPS & Science Act and the Bipartisan Infrastructure Law which have collectively authorized billions of dollars for federal contracting and procurement. These bills will play a tremendous role in strengthening our economy, though it is important that small businesses, which are the backbone of the American economy, have access to resources, capital and technology that helps their businesses thrive. 

The Administration has also made commitments to increase federal contracting opportunities for Women Owned Businesses (WOSBs) and Economically Disadvantaged Women Owned Businesses (EDWOSBs). We recognize that these bills will provide more opportunities for WOSBs and EDWOSBs, however at the same time urge the Administration to continue its efforts to meet the 5% federal contracting goal for WOSBs.”

Small Business Owners Across The Country:

Arizona:

“As the Biden-Harris Administration looks ahead, my hope is that they will continue to focus on small businesses and pursue policies like the Bipartisan Infrastructure Law that help provide small businesses with opportunities and support during an unpredictable economy.”
Patricia McKinley
Founder and Owner, KHAVL Transport LLC.
Phoenix, Arizona

Florida:

“The administration has accomplished a lot in the last few years, from boosting the economy to helping secure a well-functioning democracy. I was particularly pleased to see the passage of the Election Reform Act last year garnered bipartisan support but more is needed to protect our democracy from radical political ideologies. This is no time to revert to the politics of division or to tear down what the federal government has achieved. We have proof that strong, steady leadership can advance American values and prosperity. Let’s leave behind the leaders who pull cheap political stunts to grab headlines and advance only themselves.”
Conchie Fernández
Founding Partner, CF Creative
Boca Raton, Florida

“There is no doubt in the minds of small business owners that a strong economy and a strong small business sector require a stable government, and we want our leaders to value it as much as we do. We have made progress on protecting democracy but it is something that requires constant vigilance and attention.”
Jeff Lamm
Lamm Properties
Tampa, Florida

Georgia:

“Small businesses were battered by the pandemic, but with the recent record-breaking jobs report and a record number of people interested in starting new businesses, we are seeing real signs of strength in our economy. I hope lawmakers can continue to work together to pass legislation that moves our small businesses and our country forward.”
Sissy Blanchard
Founder & Owner of Saltwater
Saint Simons Island, Georgia 

“Our economy has its challenges, but it shows amazing resiliency with record-low unemployment, strong hiring, and a historic number of new small businesses created since the start of the pandemic. My hope is leaders will continue to pass legislation that will boost Main Street for decades to come.”
Malik Lee
Managing Principal & Founder, Felton & Peel Wealth Management
Atlanta, Georgia

Nevada:

“As we continue to navigate the post-pandemic waters, much has changed.  There are new opportunities and developments that are affecting the small business landscape.  Continued attention needs to be paid to our economy, particularly as it applies to inflation and unemployment. Legislation that helps Main Street, like the Inflation Reduction Act, should be a main focus. I applaud the president for signing this into law because it ensures that large corporations will be required to pay their fair share in taxes. In addition, addressing the high cost of prescription drugs is a step in the right direction for demonstrating changes that will help small businesses access affordable healthcare.”
Jenay Aiksnoras
Bliss Experiences & Lake Tahoe Yoga
South Lake Tahoe, Nevada

“It’s a defining moment for our economy. There was a record number of new small businesses created in the last two years, unemployment numbers are low and inflation appears to be cooling. But there is a lot more to do. I’m particularly interested to see if we can get to work on passing Paid Family Medical Leave, which would help small business owners by creating a deeper and more stable labor pool .”
Tiara Flynn
President & CEO of Sumnu Marketing and Founder of Phenomenal Mama
Las Vegas, Nevada

“I applaud recent efforts to strengthen our economy including the Inflation Reduction Act that invests in the IRS. The money won’t be used to go after small businesses like mine but will provide tools and resources to be more efficient and effective. The agency will be able to handle more complicated taxes in higher brackets. I hope to see more legislation in the future that evens the playing field for small businesses.”
Shaundell Newsome
Small Business for America’s Future Co-Chair
Founder, Sumnu Marketing
Las Vegas, Nevada 

North Carolina:

“There is great power in bipartisanship. Legislation like the CHIPS Act and the Bipartisan Infrastructure Law gained the support of members from both parties and resulted in laws that will help our economy for decades to come. As inflation continues to ease, the small business community needs lawmakers to put aside their differences and work together for the benefit of everyone.”
Alicia Parr
Founder & CEO, Performentor LLC
Durham, North Carolina

"It is encouraging to see lawmakers work together and pass legislation like the Infrastructure Law and the CHIPS Act. We're looking forward to these policies propelling small businesses into a strong economic future by creating jobs, strengthening supply chains, repairing our nation’s aging roads and bridges and opening diverse opportunities to gain access to capital. My hope is that similar bipartisan action will happen during this legislative session.”
Kristi Tally
CEO & Founder, KD7 Enterprises Inc.
Raleigh, North Carolina 

Ohio:

“We are highly appreciative of the support provided during the pandemic crisis, which saved our business. We also appreciate the support of the administration with the passage of the Infrastructure Investment and Jobs Act. This act directly impacted us by providing funding for the Brent Spence Bridge Corridor Project, which will drastically improve the transportation system in the Cincinnati area and bring countless jobs to the region. We look forward to the government coming together to provide further improvements moving forward.”
Todd Hamblin President
CEO, Global Aerospace Design Corp.
Cincinnati, Ohio

“Our economy has come a long way since the start of the pandemic, but I fear that radical political ideas could cause immense turbulence in the markets and working families and small businesses like mine would suffer the most. My hope is that lawmakers will heed the president’s call to stay the course and focus on important issues like  raising the debt ceiling and ensuring large corporations are contributing their fair share of taxes.”
Anne Zimmerman
Small Business for America’s Future Co-Chair
Founder & Owner, Zimmerman & Co CPAs Inc.
Cincinnati, Ohio

Pennsylvania:

“I am grateful that building a better economy is a priority for the current administration. Our battered economy is continuing to heal but needs policies like the CHIPS Act that is helping small businesses by improving clogged supply chains and strengthening manufacturing investments needed to stimulate our entrepreneurial environment. Lawmakers worked together to get this legislation passed. There’s no telling the heights our economy can reach if policymakers put people before politics.”
Walt Rowen
Small Business for America’s Future Co-Chair
President of Susquehanna Glass Co.
Columbia, Pennsylvania

Texas:

“Bipartisanship, working together for the common good of the people, has been proven to be the best way for communities, cities, states, and countries to succeed. This administration has adopted this proven pathway to enable all people and businesses to succeed, particularly the small businesses, our economic engine. The CHIPS Act and the Bipartisan Infrastructure Law received both parties’ support and empowered Americans across the board. With the current makeup of Congress, compromise is the only way to improve the lives of small business owners and working families. We know bipartisanship works. Let's not try to reinvent the wheel and hurt the American dream.”
Muneer Baig
Founder & CEO, SYSUSA Inc.
Murphy, Texas

“The Inflation Reduction Act helps control high healthcare costs–which have plagued small businesses for years–through key provisions that address soaring prescription drug prices, extend tax credits for Affordable Care Act insurance plans, and stabilize health insurance prices. But this is a long-term problem that needs a lot more attention. Looking at what we have accomplished in the last couple of years makes me hopeful that we can tackle big challenges as a country like making healthcare and prescription drugs more affordable.”

Dr. Erika Gonzalez
Small Business for America’s Future Co-Chair
CEO, President, & Co-Founder of South Texas Allergy and Asthma Medical Professionals (STAAMP) and STAAMP Clinical Research
San Antonio, Texas

Wisconsin:

“The small business community is growing by record numbers but in order for these businesses to succeed they need support in Washington. What does that look like? Well lawmakers need to work together and push aside radical ideas and focus on sound legislation like the Bipartisan Infrastructure Act that is set to create new jobs and help with the flow of supply chains.”
Daniel Guerra
Founder and CEO for AltusLearn
Madison, Wisconsin

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