#194: Small Business Is Big Business - US Small Business Administration Deputy Administrator Bill Briggs

99% of all US businesses and almost 46% of American employees are, or work for, a small business. Although a small business is defined as having less than 500 employees, American small businesses are responsible for over 88% of net job growth. That means that America's economy, and the world's economy, rest on the backs of small businesses.  

The Small Business Administration plays a critical role in the success of small businesses; including those owned and operated by American Veterans. From business planning, strategy design, funding and specialty certification programs the SBA is one of the primary pillars creating and supporting economic impact.

In this episode, Fran Racioppi sat down with Bill Briggs, Deputy Administrator of the U.S. Small Business Administration, to break down the SBA’s 3C’s and a D: Capital, Counseling, Contracting and Disaster. Deputy Administrator Briggs explained the real challenges business owners face, especially around cash flow, capital access, and navigating competitive marketplaces. He shared the history of the SBA and its grounding in the Small Business Act of 1953, when the post war period identified that small businesses are not only important to the global economy, but they are crucial to America’s national defense. 

200,000 service members transition each year from the military into the civilian sector. Some will start businesses as entrepreneurs. Others will enter the workforce. All will need counseling, support and a system designed to give Veterans access to opportunity and the chance to succeed post service. 

Finally,  we address how the SBA is improving accountability, cracking down on fraud, and ensuring programs are delivering real results for those they are designed to support.

Highlights

• 0:00 Introduction
• 2:16 Welcome to the Jedburgh Podcast
• 4:01 Small biz is big biz
• 4:57 SBA Team
• 8:13 Access to Capital
• 11:58 Counseling Resources
• 16:14 Access to Contracts
• 22:01 Disaster Loans
• 25:33 The Formation of the SBA
• 27:16 Made in America Loans
• 29:54 Working Families Tax Cut Bill
• 33:10 Stopping Fraud
• 35:51 Importance of Service
• 39:08 Boots to Business
• 52:02 Daily Habits

Quotes

• “We’re taking it to the next level in terms of right sizing, streamlining, and improving the overall performance of the agency because the mission is so important.”
• “Access to capital is one of the top three issues that are always facing small businesses.”
• “What we’re trying to do under this administrator and this President is trying to improve our systems to scale and deploy more capital effectively with our lending partners and investors.”
• “I always say to people you have to have that education before you walk in to try to get that loan.”
• “Your job is to compete to solve the mission, not to say ‘I’m a certification, I deserve something.’”
• “Having a competitive, innovative national small business ecosystem is not only part of our economic security but our national security.”
• “We’re trying to bring back American manufacturing .”
• “Our priorities are manufacturing, critical technology, and food production and technology.”
• “Our economic agenda is centered on fair trade, tax cuts, deregulation, and energy dominance.”
• “There’s something for everyone in the Working Families Tax Cut Bill.”
• “We have a zero tolerance policy for fraud.”
• “The day you start your business is not the day you get paid.”
• “We’re overhauling how we deliver our boots to business.”

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