NSBA Applauds Enactment of JOBS Act
WASHINGTON, April 5, 2012 /PRNewswire-USNewswire/ -- President Barack Obama today signed into law the Jump-Start Our Business Start-ups (JOBS) Act which will significantly improve small businesses' ability to raise capital and help companies generate sustainable economic growth and jobs. NSBA was a leading proponent of the JOBS Act, and, as such, was invited to attend today's bill signing in the White House Rose Garden. NSBA Chair Chris Holman was among the invited NSBA guests.
"America's small businesses have struggled to secure financing throughout the economic downturn which has greatly hindered our ability to grow and create jobs," stated Holman, CEO of Michigan Business Network.com and President of The Greater Lansing Business Monthly. "The signing of this bill comes not a minute too soon."
According to NSBA data over the past nearly 20 years, there has been a direct correlation between job growth and small-business owners' ability to garner financing—when small businesses have adequate financing, they create jobs.
Today's signing of the JOBS Act will enact: a crowdfunding exemption allowing small companies to raise up to $1 million in a 12-month period which includes a preemption of state blue sky laws; the creation of an IPO OnRamp; an increase of the aggregate offering amount of all securities sold under Regulation A from $5 million to $50 million; and language allowing for general solicitation or general advertising to find accredited investors.
"The bipartisan passage of the JOBS Act and today's signing ceremony exemplify how things in Washington can, and should work," stated NSBA President and CEO Todd McCracken. "When pragmatism and sound policy take precedence over politics, good things can happen."
Celebrating its 75th Anniversary in 2012, NSBA continues to advocate on behalf of America's entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses across the country and is proud to be the nation's first small-business advocacy organization. For more information, please visit www.nsba.biz.
SOURCE National Small Business Association