Geithner says funding for small firms vital to U.S. recovery

08:27, March 23, 2011      

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U.S. Treasury Secretary Timothy Geithner said Tuesday the U.S could not promote innovation and investment, unless it helped innovative companies get the funding they needed to succeed in today's tough economic environment.

"The financial crisis caused a great deal of damage to the capacity of innovators to access capital," Geithner told the Access to Capital Conference at the U.S. Treasury Department, adding that "the ability of entrepreneurs to access financing is essential to building a more competitive economy".

He said the administration had taken timely moves to restart economic growth, re-open markets for capital and credit, and build a stronger financial system bolstering growth and innovation.

"Over the past two years, President Obama has signed into law 17 different tax cuts for small businesses, including eliminating capital gains taxes on key small business investments and raising the amount small businesses can expense to 500,000 U.S. dollars, making it easier for small businesses to invest and hire more workers," said Geithner, adding that the government also took measures to support innovation, particularly in health care and clean energy.

However, he said the financing environment was still tough for U.S. small companies, and the nation faced a "complex set of challenges" that would not only affect small companies but the broader economy as a whole.

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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