notes from across the pond

Steven Preston, the head of the Small Business Administration gave an passionate address on the state of small businesses in South Louisiana.

Senator Landrieu:
Announced Microsoft has pledged to form a landmark partnership between LA Small Business Development Center and Microsoft for free 3 year licenses for small businesses.

Steven Preston:
Landrieu made it clear reforming disaster program needed to be priority.

Title apt, can see a lot of work left, but also lots of progress and hope.
LA has proved it can rebuild
Focus on what we need to do to support small businesses

SBA had tremendous difficulty meeting needs of LA
Dispersed $6bn in loans to home and small business owners
Fueling local economy

SBA re-engineered disaster assistance program
Make it less confusing for borrowers
Help borrowers through process
Better co-ordinated with local government

At Landrieu’s insistence submitted agency’s readiness plan to Congress
Laid out step by step process of how SBA would handle future disasters

Essential we fix our sites on working with small businesses
Small businesses drive economy
Provide half private sector jobs
8.5m new jobs in US over last 4 years
Half in small businesses
Understand needs of communities cos rooted in them

US spirit of entrepreneurialism drives economy
Small businesses must play role in NOLA to drive it forward

Two-thirds NOLA residents have returned, 83%
80% job force
5% unemployment
20,000 new jobs created

Continue to see drive forward
Seeing new businesses growing in area
Orleans Parish - 1000 new businesses since storm
Jefferson Parish - 1600
Have begun to hit plateau
Stats only tell so much
Need to provide long term and sustainable economic recovery

Small business essential to growth transforming communities
Open door to better economic opportunities
Working poor driven to next level economic prosperity by small businesses

1) Capital
Guarantee private loans extended by banks and credit unions
LA SBA may have record year in loan dollar volume
Even more dramatic growth in loans to small businesses owned by women and ethnic minorities

This is forward looking money and about recovery and growth

2) Training and Technical Assistance
Small Business Development Centers
V.important to be able to go and get help to adapt to this new, rapidly changing economy
Small businesses very effective at this

3) Advancing Cause Small Business
Small businesses need Fed contracting dollars
Often worst hit by natural disasters
Entire business base battered
Need help to get back on their feet

Not only right to help them get back on their feet
but more nimble

Provided no. dedicated personnel post Katrina to ensure Fed contracting dollars make it down here
$4bn given to LA small businesses
Held numerous outreach, recruiting sessions around LA

514 new contracts
437 went to small businesses (87%)

Contracting is primary focus in LA SBA
Work actively with procuring agencies

Partnering with each other and bigger firms great way of getting new contracts
Making sure Fed agencies aware of local businesses in affected area who can help