Small Business & Entrepreneurship
Small businesses account for nearly half of all jobs in the U.S., but under Donald Trump the federal government has turned its back on entrepreneurs. No wonder — Trump inherited his wealth and doesn’t know what it takes to build a business from scratch. But Mike does. As an entrepreneur who built one of the world’s most successful businesses, Mike has solutions to help entrepreneurs start and grow companies, including removing the roadblocks and red tape that prevents so many startups from getting off the ground. He will fix poorly coordinated federal programs meant to support small businesses, and he will undo the Trump administration’s proposed cuts to programs that directly help entrepreneurs.
- Create community-based local business solution centers
- Improve and expand opportunities for businesses owned by women, minorities, and veterans
- Streamline Small Business Administration support for small businesses
- Create a national corps of small business mentors
- Increase the Small Business Investment Company program budget
Support local business solution centers for entrepreneurs
Mike believes all communities are home to an entrepreneurial spirit, so he will provide funds for cities and towns to establish and/or strengthen entrepreneurship centers. Funding will be flexible so cities can innovate to meet local needs – for example, by creating pop-up centers in high-need areas, or developing mobile apps that allow entrepreneurs to set up businesses seamlessly and conveniently. Mike will also offer targeted matching funds to create or expand small-business incubators and affordable shared workspaces in local industries such as clean technology, advanced manufacturing, and food production to help startups keep overhead costs down.
“I know how to create jobs and build businesses not because I played a business leader on a TV show, but because I’ve actually been one in real life.” — Mike Bloomberg.
Create a user-friendly small business administration
Mike will consolidate, streamline, and expand federal support for small businesses in the Small Business Administration, creating simplified access for entrepreneurs that makes federal programs easier to navigate and eliminating unnecessary bureaucratic roadblocks. Mike will also increase the budget for the Small Business Investment Company program, which licenses private providers of capital and offers subsidized financing to help grow small businesses, and focus those funds on underserved and distressed communities and advanced industries.
Extend opportunity to everyone
Mike will ensure that all entrepreneurs — especially underrepresented groups such as women, minorities, and veterans — are given fair access to the support, capital, and mentorship they need to succeed. Mike’s plan will encourage local business solution centers to certify women-, minority-, and veteran-owned businesses to bid for government contracts, and support those businesses with building capacity so they can compete for larger contracts. Federal contracts are a $500 billion industry, and Mike will work to double the value of contracts going to qualified minority-owned small businesses. Mike will also create a national corps of small business mentors who will support entrepreneurs, including in communities where there are few small businesses.
Mike has a strong record of creating jobs and supporting entrepreneurs and small businesses.
As mayor, Mike launched New York City’s Department of Small Business Services, which established business solution centers in each of the city’s five boroughs to help entrepreneurs identify opportunities, craft business plans, access capital, cut through bureaucracy, and find employees.
Mike also focused on getting women- and minority-owned businesses certified to compete for city contracts, which resulted in $3.5 billion being awarded to certified firms. Mike’s plan helped quadruple the number of M/WBE businesses qualified to do business with the city.
Mike spearheaded Workforce1 career centers that prepared and connected tens of thousands of people with jobs each year. Under his leadership, the city established incubators to provide entrepreneurs with inexpensive space and concentrate access to advice and seed funding. The incubators hosted more than 600 startups that raised more than $38 million in venture funding.