How do you get three of the Obama administration’s top appointed officials to speak at a day-long seminar? The answer is to tell them it is about job creation, small business and unlocking the availability of credit for businesses to form and expand — all hot election year topics.
As a result, speakers at the April 17 Small Business Lending Summit in Washington, D.C., included Neal Wolin, deputy Treasury secretary ;Karen Mills, administrator of the Small Business Administration; and Don Graves, executive director of the President’s Council on Jobs and Competitiveness. Additionally, presentations from three members of Congress and industry leaders made the Summit in Washington, D.C. a memorable experience for the attendees.
Franchising was cited as a popular path to entrepreneurship. But the difficulty that small-business owners face for financing is a challenge. For example, it costs $1,480,625 to start a McDonald’s franchise. That’s the average investment required, according to Forbes Magazine. By contrast, the average investment to launch a Liberty Tax Service is only $63,350. The required investment is one of the criteria that Forbes uses to rank the “Top 20 Franchises for the Buck.” McDonald’s snagged the No. 6 slot. But Liberty Tax was right behind it at No. 7, in part because it costs less to start one and get it financed.
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