The Huffington Post: Small-Business Lending Summit Features Obama Administration’s Top Appointees, Elected Politicians and Industry Leaders

Jessica SarterBoeFly In The News

The Huffington Post

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.