Obama pushes small business initiatives

WASHINGTON, Jan. 31 (UPI) -- U.S. President Barack Obama said Tuesday it's time to follow through on promises to help small businesses.

The president presided at his first full Cabinet meeting since the State of the Union address.

"I mentioned at the State of the Union that there have been discussions, bipartisan discussions between Republicans and Democrats, about a whole set of measures that can accelerate financing to startup companies; can provide tax breaks to startups and small businesses that are interested in either hiring more workers or increasing their wages; that looks at innovative ways for them to raise capital," Obama said.

The president said it is "my expectation and hope ... that [Congress] will get a bill together quickly, that they will pass it and get it on my desk. I will sign it right away, and I would like to see that bill signed this year."

Obama said the executive branch can take action on its own. All the Cabinet agencies "are putting forward their own initiatives to enhance the ability of entrepreneurs to get up and running. So, for example, the Department of Homeland Security, my understanding is we're going to be talking about how we can improve the visa process for those who are interested in investing in the United States and starting businesses here in the United States."

In addition, the Departments of Commerce, Energy, and Education, as well as the Small Business Administration "are all launching complementary initiatives to support entrepreneurship as well. And so what we want to do is to make sure that every single agency, even as they're tending to their energy initiatives or providing homeland security or transportation or defense, that we're also thinking about how are we advancing the cause of giving small businesses and entrepreneurs opportunities to start creating the next Google or the next Apple or the next innovative company that's going to create jobs and improve our economy."