No one Administration is responsible for the current small business startup slump, the lowest rate of small business startups in four decades. Even before the pandemic recession it was clear that the growing economy and record low unemployment did not translate into ramping up the business startup numbers that we need. The pandemic has only worsened these numbers. The nation will not reverse this problem unless a specific federal agency is given the mission, authority and resources to address the issue along with establishing specific and measurable goals.
The Small Business Administration should be the federal agency for this small business mission. Unfortunately, it presently does not have this mission, the authority, or the resources to carry it out. The SBA was established in 1953 “to help small business owners and entrepreneurs pursue the American dream”. It serves individual small business owners through “counseling, capital, and contracting expertise”. Its mission is to be reactive to individual entrepreneurs and small businesses, not proactive to provide the leadership for a national campaign on small business startups.
The SBA must be given the mission to lead the nation out of the small business startup slump that is now at a 4-decade low.
The SBA must be given the authority to work across all federal government sectors to carry it out the mission with a specific small business startup goal.
The SBA must be given the resources to carry out this new mission that is critical to our nation’s economy.
All SBA programs must contribute to achieving this mission.