Business Leaders Respond to President Biden’s Major Economic Speech in Chicago

WASHINGTON – Today, President Biden delivered a major economic address in Chicago. Following today’s address, business leaders from across the country are sharing their perspectives on the state of the American economy and the impact of recent federal economic investments.

National Business Leaders:

Rhett Buttle, Founder & Principal, Public Private Strategies:

“After one of the worst economic shocks in our history, the American economy is moving in the right direction. The past two and a half years have seen historic job growth, record-low unemployment, and the strongest period of new small business applications on record. 

“As significant investments from the American Rescue Plan, Bipartisan Infrastructure Law, Inflation Reduction Act, and CHIPS & Science Act continue to flow into our communities, we have a chance to build on this economic momentum. Recent funding announcements like commitments to deliver affordable, high-speed internet to every American by 2030 will enable entrepreneurs to start and grow businesses in every community across the country.

“President Biden’s vision to build the economy from the middle out and the bottom up is only possible if communities and entrepreneurs across the country know about and have the tools to access opportunities that are available through recent economic investments. That’s why Public Private Strategies and our partners are committed to connecting small businesses and entrepreneurs with the tools and resources they need to create good jobs and thrive.”

Ramiro A. Cavazos, President and CEO, United States Hispanic Chamber of Commerce (USHCC):

“The USHCC reaffirms its support of the bipartisan legislation enacted in the wake of the COVID-19 pandemic to rescue our American economy, including the American Rescue Plan, Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. Each of these legislative packages has played a crucial role in our nation’s economic recovery by investing in rebuilding our nation’s transportation infrastructure, strengthening our global competitiveness in manufacturing and crucial supply chains, and protecting America’s more than 32 million small businesses through financial assistance and access to capital.

“In this context, we look forward to continuing to work with the Biden-Harris Administration to make sure our nation’s more than five million Hispanic-owned businesses have equitable access to the resources, support, and government contracting opportunities needed as we continue to build back our economy.”

Tammy Halevy, Executive Director, Reimagine Main Street:

“MLK Boulevards, Cesar Chavez Ways, Chinatowns, and Main Street’s are growing stronger thanks to significant investments including the Bipartisan Infrastructure Law, American Rescue Plan, CHIPS and Science Act, and the Inflation Reduction Act. 

“In the past two years, we’ve seen the highest rate of new small business formations in American history. Starting a business is a sign of optimism about the future. And it’s not just entrepreneurs who are benefiting from our strengthening economy. The unemployment rate for Black and Latino/a Americans is near a record low. 

“But challenges remain for many businesses. Reimagine Main Street’s recent survey on Trust & Access to Capital: 2023 found that a plurality of AAPI, Black, and Latino/a entrepreneurs do not think they could fund an unexpected $5,000 business expense. We must work together to build more resilience and opportunity in the economy, and it starts by making sure that recent economic investments are available to all, and that the benefits reach businesses, workers, and the communities in which they operate.”

Lenwood V. Long, Sr., President & CEO of the African American Alliance of CDFI CEOs (AAACDFI):

“We believe that President Biden's economic speech highlights his strong commitment to supporting Black-owned businesses and expanding access to capital. By prioritizing investment in Black-owned businesses and promoting entrepreneurship, President Biden is breaking down barriers and creating opportunities for growth and prosperity in areas that have been historically underserved.

“At the African American Alliance of CDFIs, we commend President Biden's dedication to economic equity and look forward to productive collaborations for a more inclusive and equitable future for all.” 

Ying McGuire, President and CEO of the National Minority Supplier Development Council (NMSDC):

“President Biden's emphasis on infrastructure investment, job creation, and expanded access to capital strongly aligns with the goals of the National Minority Supplier Development Council (NMSDC) and the minority business enterprise (MBE) community we serve. We applaud his commitment to creating a fair and inclusive economy that leaves no one behind.

By prioritizing infrastructure investments, President Biden addresses our nation's pressing need for sustainable infrastructure while creating ample opportunities for MBEs to participate in community revitalization. This commitment will unlock doors for MBEs to secure contracts, stimulate local economies, and generate jobs that benefit minority communities across the country. Furthermore, President Biden's focus on expanding access to capital and supporting minority-owned businesses marks a pivotal moment for MBEs. Historically, minority entrepreneurs have faced significant challenges in accessing affordable capital, the innovation economy, renewable energy, and technology – something that must be addressed. The president's initiatives to increase lending, enhance technical assistance programs, and promote entrepreneurship are a step in the right direction and will undoubtedly foster a more equitable playing field, enabling MBEs to thrive and contribute to our nation's economic prosperity.” 

Justin Nelson, Co-Founder & President, The National LGBT Chamber of Commerce (NGLCC):

“NGLCC is a committed partner in working with the Biden-Harris Administration to ensure that the implementation of the American Rescue Plan, Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act, achieve its ambitious goals of facilitating an economic transformation that lifts up our country to ensure a bright and prosperous future. 

“On behalf of the LGBT business community, we are eager to see these investments translate into growth opportunities for the nearly 32 million small businesses, who will support the upgrading of transportation infrastructure, ensure our global competitiveness through manufacturing and shoring up our supply chains, and deploying broadband so that all of our communities can thrive. 

“This is an exciting time for the business community, we will continue to work with all partners to propel economic prosperity for the LGBT business community."

Dr. Janis Shinkawa, Chair of Advocacy for the National Association of Women Business Owners (NAWBO):

"When the pandemic spread across the globe in 2020, women entrepreneurs faced the greatest challenge to keep their businesses afloat. Many women were forced to close their businesses and leave the workforce at record rates, while others faced compounded difficulties with access to credit and capital while dealing with a shrinking workforce. In the last two and half years, we’ve been encouraged by the bipartisan laws, such as the Infrastructure Investment and Jobs Act and the CHIPS and Science Law that have supported job growth and made crucial investments in infrastructure and the supply chain. 

“NAWBO applauds these efforts, and the bipartisan efforts made to achieve them. We know that when lawmakers work together to solve policy challenges, good things happen. Both the CHIPS & Science Act and the Infrastructure Investment and Jobs Act include billions of dollars in federal contracts and have equity embedded into them to ensure that women and minority-owned firms can access them. These investments will lead to the creation of more jobs, businesses and an equitable economic recovery. 

"NAWBO is committed to continuing to work with Congress and the Administration to ensure that America’s 13 million women business owners have equitable access to the resources they need to be successful."

Chiling Tong, President and CEO, National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE):

“The National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) proudly supports legislation enacted in the last two years that benefits small businesses and entrepreneurs who continue to navigate the aftermath of the pandemic, including rising inflation and credit access challenges. The Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act have already significantly influenced domestic economic policy as a result of crucial investments towards our nation's infrastructure, supply chains, and global competitiveness. Each of these laws allocates billions of dollars in funding for federal contracts, offering new opportunities for marginalized communities to establish and expand businesses, create jobs, and support local community growth. 

“National ACE remains committed to collaborating with Congress and the Biden-Harris Administration to ensure AAPIs have equitable access to capital and vital resources necessary to continue to thrive.”

Anne Zimmerman, Co-Chair, Small Business for America’s Future (SBAF) and Founder & Owner of Zimmerman & Co CPAs Inc., Cincinnati, OH:

“We are encouraged by the president's commitment to large-scale investments in infrastructure and manufacturing, which are vital sectors directly impacting the prosperity and the stability of small businesses. Investment in infrastructure across the U.S., including providing high-speed internet connectivity to everyone, has direct benefits for small businesses. Enhanced infrastructure and improved internet connectivity can aid businesses in reaching a broader customer base, improving their operations, and participating in digital commerce more effectively.

“SBAF's surveys of small business owners provide solid backing for such policies. In fact, an overwhelming 76% of small business owners recognize that these substantial investments will boost the economy. Moreover, a strong 72% are confident that the president’s economic investments in infrastructure and manufacturing will directly aid their businesses, offering them opportunities for expansion and consolidation.

“Most small business owners are members of the middle class who are the focus of this  economic approach. Their operations are the lifeblood of local economies, creating jobs  and fostering community development. This focus on bolstering key sectors, therefore,  serves to enhance their capacities and broaden their horizons. Small businesses and the  communities where they operate stand to gain immensely from investments that lead to a robust, fair economy underpinned by substantial infrastructure and manufacturing investments.” 

Ron Busby Sr, President & CEO, U.S. Black Chambers, Inc. (USBC):

“U.S. Black Chambers, Inc. proudly applauds President Biden and Vice President Harris 

for their compelling address during the Investing in America Event on Monday, June 26, 2023. Their announcement of over $40 billion in funding allocations for high-speed internet infrastructure across all U.S. states, territories, and D.C. marks a significant milestone.

“This commitment stands on par with the historic federal investment that brought electricity to countless homes and farms, benefiting millions of families and our economy as a whole. The BEAD (Broadband Equity Access and Deployment) Program, with a substantial budget of $42.45 billion, overseen by the Department of Commerce, ensures that each state and territory receives no less than $107 million and $27 million, respectively. Notably, 19 states have been granted allocations exceeding $1 billion.

“Moreover, this initiative is projected to create an estimated 150,000 plus jobs, providing a substantial boost to the workforce. By investing in America on an unprecedented scale, the Biden-Harris Administration is leading a nationwide effort to make affordable, reliable, high-speed internet accessible to every American.

“USBC wholeheartedly supports the administration's endeavors to foster innovation, generate employment opportunities, and create inclusive prospects for Black business owners and chamber leaders across the country. Together, we are actively constructing a stronger, more prosperous future for our nation."

Small Business Owners:

Channal Coleman, CEO and Founder of It's Official Barbershop, Chicago, IL:

"The president's approach to the economy is a breath of fresh air. His policies are set to bolster small businesses, like mine, by investing in infrastructure and manufacturing that provide us with opportunities to do business and the tools we need to compete. It's an approach that recognizes the importance of small business to the American economy, and as a middle-class business owner, I feel optimistic about what this means for the future of my business." 

Nat Rosasco, Owner of Olive Street Design, Elmhurst, IL:

"I support President Biden's strategic economic focus. The promise of significant investments in key sectors is music to my ears. These initiatives directly impact small business owners, driving growth and jobs in our communities. I'm encouraged by the president's recognition of our important role in the national economy."

Stephanie Rowell, Founder of Chamilleon Enterprises, Chicago, IL:

"As a small business owner, I can attest to the positive potential of President Biden's economic vision. I see the direct benefits of increased infrastructure and manufacturing investments in my operations. This kind of attention to the needs of Main Street businesses is precisely what we need to recover from the hardships of the past years and propel us into a prosperous future."

Suzanne Stantley, Founder & CEO of BE Group, Inc., Chicago, IL:

“Small business owners are hard-working citizens who contribute greatly to the communities in which they operate. Minority small business owners have long understood that our success is interwoven with the success of the communities in which we operate much more than a larger corporation.  Minority businesses employ individuals who live in the communities in which they operate much more than large firms and these workers are dependent upon their jobs to survive.  While larger firms have experienced significant recovery post-Covid, this has not been the case with small minority firms.  I am excited by the prospects of how the president's Bidenomics plan can help stimulate growth for minority small businesses like mine too which is greatly needed.”