Obama Promotes ‘Small Business Saturday’ to Boost Economy

In an open letter today, President Obama threw his support behind the second annual “Small Business Saturday,” a marketing initiative started by American Express to encourage Americans to patronize local small businesses on the same day.  The event takes place Saturday, Nov. 26.

“From the mom-and-pop storefront shops that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of our Nation’s promise,”  Obama wrote. “Through events such as Small Business Saturday, we keep our local economies strong and help maintain an American economy that can compete and win in the 21 st century.”

Obama writes that his administration has promoted the growth of small businesses by signing into law 18 tax cuts, including the recently passed tax credits for hiring unemployed veterans.  He also touted the work of the Small Business Administration in promoting easier access to capital.

“When small businesses do well, communities flourish and our economy grows,” he said. “America was built on the hard work and creativity of our people. On this occasion, we reaffirm our support for America’s small business owners and their staff, and we celebrate the proud tradition of entrepreneurship they represent.”

The Small Business Saturday initiative is also supported by a bipartisan group of 34 U.S. Senators and dozens of major American corporations, including FedEx, Google, Facebook and AT&T.