SBA lauds White House small business initiative

9/15/2011

President Barack Obama has announced his administration's QuickPay initiative, which means to increase the speed of delivery of federal payments to small business contractors.

Karen Mills, administrator of the U.S. Small Business Administration, lauded the program.

"The thousands of small businesses that provide great products and services to the federal government have a big reason to cheer the President's QuickPay announcement today," Mills noted in an SBA statement. "When small contractors get their money in 15 days instead of 30, it results in a permanent infusion of cash flow into their businesses."

By reducing the length of time small firms wait for government agency payments, companies with federal contracts may be able to improve operations and realize growth more easily. As small businesses are the biggest employers of private sector workers and considered a key to relieving unemployment and improving the sluggish economy, this small step by the White House may be one of the most effective jobs and business initiatives of the administration.

SBA lending has helped numerous small businesses to create new positions and expand operations. The agency's SBA 100 list is a testament to the companies that have made significant employment gains for their communities.