Supporting SME: the U.S.'s Experiences
Liangxiangsburg Address
SMALL BUSINESS IN PRESIDENTIAL DEBATE
- Daughter of a small businessman
- Trump is bad to the small business owners
- Not bad to small businessmen
WHAT'S THE BIG DEAL WITH SMALL BUSINESS
EXPLANATIONS FROM ECONOMICS
- Theory of production and supply from classical economics
- Theory of institutional economics
- The essence of market-driven economy
IMPORTANCE OF SMALL BUSINESSES
- Economic growth
- Create jobs
- Spark innovation
- Provide opportunities for less privileged people
THE REALITY
- Small Business, Big impact
- Small business is BIG
- the small business sector is growing rapidly
U.S.'S PRACTICES ON SUPPORTING SMALL BUSINESS
LEGAL SYSTEM
Public laws
- Small Business Act
- Small Business Investment Act
- Community Reinvestment Act
- Small Business Innovation Development Act
- Small Business Research and Development Enhancement Act
- Small Business Reauthorization Act
- Small Business Technology Transfer Act
- Consolidated Appropriations Act
- Equal Credit Opportunity Act
- Small Business Jobs Act of 2010
- Jumpstart Our Business Startups Act
Business laws and regulations
- Advertising & Marketing Law
- Employment & Labor Law
- Finance Law
- Intellectual Property Law
- Online Business Law
- Privacy Law
- Environmental Regulations
- Regulation of Financial Contracts
- Workplace Safety & Health Law
- Foreign Workers & Employee Eligibility
Legal aid
- Consumer's Guide To Legal Help On The Internet
- ABA Lawyer Referral Service
- Your State Bar Association
- Fees And Expenses
- Arbitration
GOV'S SUPPORT
Committees and conferences
- U.S. Senate Committee on SBE
- House Small Business Committee
- White House Conference on Small Business
GOV'S SUPPORT
Small Business Administration
- Lending programs
- Entrepreneurial development programs
- Annual SBA 'Straight Talk'
- Small Business Development Centers
- Women's Business Centers
- Service Corps of Retired Executives (SCORE)
- Veteran Business Outreach Centers (VBOC)
- Federal contracting and business development programs
- 8(a) Business Development Program
- HUBZone
- Small Business Investment Company (SBIC) program
GOV'S SUPPORT
Small Business and Community Development Programs
- State Small Business Credit Initiative (SSBCI)
- Small Business Lending Fund (SBLF)
- Community Development Financial Institutions Fund (CDFI Fund)
- Office of Small and Disadvantaged Business Utilization
GOV'S SUPPORT
Series of government initiatives
- SBIR: Small Business Innovation Research Program
- STTR: Small Business Technology Transfer Program
- FAST: Federal and State Technology Partnership Program
SOCIETY
- Small Business & Entrepreneurship Council
- National Small Business Association
- SBIA: The Small Business Investor Alliance
PEOPLE & CULTURE
- Failure tolerance
- Spirit of adventure
- Entrepreneurship
SME FINANCE IN THE U.S.
BANK LENDING
- Remained tight for the past several years
- Steadily improved
GOV'S SOURCES
- SBA Lending programs
- Loan Guarantee Program
- 504 Fixed Asset Financing Program
- MicroLoan Program
- Disaster Loan Program
- Small Business Investment Company Financing
- U.S. Export-Import Bank (Ex-Im)
ONLINE LENDING
- Changed SME finance substantially since the financial crises
- Using proprietary technique to offer speed and high odds of success than traditional lenders
- The growth will be tested as regulations evolve
VENTURE CAPITAL
- Reached its highest level since 2000
- Most went to expansion stage deals
- Seed stage deals received the lowest funds since 2005
ANGEL INVESTMENT
- Angel market steadily recovered since 2008, but still remained below pre-crises levels
- Migrated away from seed and start-up stage investing, much like VCs
- Software claims the largest share of angel investments
CROWDFUNDING
- Global crowdfunding industry has grown explosively
- Equity-based model is assuming center stage because of the JOBS Act
WHAT CAN BE LEARNED BY CHINA
- More comprehensive legislation and its effective implementation
- More rights granted to SMEs and all other entities
- Public sectors' data liberation
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