US Chamber explores growth opportunities for small businesses with nationwide tour

The U.S. Chamber of Commerce has been meeting with business leaders around the nation to try to focus on growth. Its efforts are part of the #LetsGrow Tour by the Chamber’s Small Business Council. The group met with entrepreneurs and small business owners to discuss the hurdles they face in growth efforts.

One of the biggest concerns was overregulation. Many business owners complained about a surge in federal regulations over the past 10 years. They indicated that this has stunted their growth capabilities.

The Chamber, however, indicated there were positive changes including progress on promises made by the White House and Congress to eliminate some burdensome regulation.

Another hindrance that small business reported to the Chamber was access to capital. The Chamber said this has long been seen as a problem for small businesses that needs to be addressed to enable innovation and business growth.

In a press release they indicated that the 2010 Dodd-Frank law did not remedy the situation but instead has further hindered the access to capital for small businesses. They added that Washington needed to do more to help small businesses get the finances they need for growth and, in turn, job creation.

There was also concern over the lack of skilled workers. A study by Goldman Sachs found that over 70 percent of small businesses have trouble finding and hiring qualified candidates.

The Chamber suggested that more needs to be done on a political level to make growth easier for small businesses.