January 8, 2018 EVP of Mintaka Financial Quentin Cote, visited Washington DC to attend the US Chamber of Commerce presentation on the State of American Business, where they laid out the agenda of the US Chamber of Commerce for the upcoming year.
Tom Donohue, CEO of the Chamber of Commerce and Keynote Speaker is optimistic about the current State of Business in the United States; we are ready to plow ahead and move forward, as long as we focus on growing the total economic pie, and not simply slicing the pieces differently.
Growing American Business in 2018
Some of the opportunities discussed for American business growth in 2018 were:
- Focus on America and the American workforce
- Modernizing US infrastructure, i.e. roads, bridges, seaports, airports, water supply systems, pipelines, energy grid, etc. brings valuable short term employment boost while investing in the country’s future.
- Consistent regulation reform is needed to promote growth in the energy, labor, and financial sectors. The Regulatory Accountability Act will create higher hurdles for passing future regulation, and more advocacy at the State level will help ensure States don’t rush to fill the regulatory void left by the Fed.
- Education reform should teach students how to learn in order to promote lifelong skills-growth led by business needs.
- With baby boomers leaving the workplace and taking their skills with them, the demand for qualified workers is increasing. Expanded apprenticeships are necessary, and higher education should better align itself with the employment needs and solutions set by industry.
- Reform immigration policy
- Both the 690K Dreamers and the 200+K TPS workers who’ve been here for 20+ years should be allowed to stay and continue contributing to the economy.
- We should not deport 1+ million legally employed foreign workers, or prevent the 30+K spouses of highly-skilled foreign workers from legal employment and contributing to the economy.
- Embrace technology to support growth
- Continue to promote and facilitate widespread internet access.
- Protect from anti-tech backlash while safeguarding businesses and consumers against hazards like cyber attacks and intellectual property theft.
- Broaden financial investment in fast-growth startups, currently seen only on the coasts, to middle America.
While a positive outlook for our economy can breed greater trust and optimism for the future of American business, it is vital to be aware of the looming threats to business growth in the US to understand how to protect against them. Both macro and micro threats risk derailing the “pro-growth” agenda by further segmenting the American political and social spectrums, and diverting attention away from positive growth opportunities.
Macro Threats to American Business Growth in 2018:
- Protectionism (i.e. overturning NAFTA)
- US Debt Default
- Global risks
Micro Threats to American Business Growth in 2018:
- Workforce dislocation due to manufacturing shutdown
- Massive student debt burdening an entire generation who are unable to get good jobs after graduation
- Political extremes, like populism and socialism demand too much influence and we need to rebuild the middle of the political spectrum
About Mintaka Financial
Mintaka Financial LLC, located in Gig Harbor WA, was established in December 2004, as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a limited group of independent small business finance companies that share ownership in Mintaka. These companies are specialists in small business credit service, selected to participate in the Mintaka program based on their experience and reputation in the industry, and their dedication to building long term relationships with their small business clients. To learn more about Mintaka, please call (888) 705-8778, ext. 1097 or visit www.mintakafinancial.com.