![\"Karen](\"\/sites\/default\/files\/images\/picture-172.jpg\")
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\tToday, I\u2019m traveling with the President\u2019s Council on Jobs and Competitiveness<\/a> in<\/p>\n<\/div>\n<\/div>\n Dayton, Ohio. We are at a small company called Hooven-Dayton that prints the labels for products like Tide and Mr. Clean. Our purpose is to hear from the executives of small companies like these, which are often referred to as \u201csuppliers\u201d because most of their products and services are sold to larger companies.
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\tWhy is this important?<\/p>\n
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\tA recent study showed that after a small supplier lands a big purchase order or a contract from a bigger company, the small company\u2019s revenues go up 250% and they create about 150% more jobs in just two or three years. Therefore, at this critical time in our economic recovery, the small businesses in these supply chains are an important area for us to focus and build on.<\/p>\n
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\tSo, throughout the day, we\u2019re talking with small suppliers themselves about how to make America\u2019s supply chains as dynamic and innovative as possible. I\u2019m sure that we will talk about a range of issues, from access to capital, to creating new partnerships, to exporting, and more. These are areas where the SBA and our federal partners \u2013 as well as an increasing number of large U.S. firms \u2013 offer important tools that can help suppliers grow and create jobs.<\/p>\n
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\tAs the largest purchaser in the world, the U.S. government already plays a major role in fostering the growth of supply chains filled with innovative small businesses. For example, each year, large contractors put billions of dollars in the hands of subcontractors. That\u2019s a key reason why the SBA works across federal agencies to foster strong mentoring relationships between big firms and small firms who are active in federal contracting. We know that a vibrant subcontracting community leads to more innovation and more jobs, as well as better products and services delivered to the U.S. government.<\/p>\n
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\tLarge U.S. multinational companies \u2013 represented here today by people like General Electric\u2019s Jeff Immelt (who chairs the Council) and Citigroup\u2019s Dick Parsons \u2013 also know the value that supply chain networks have to them and their customers. That\u2019s why they\u2019re strengthening their efforts to reach out to small suppliers. For example, several large firms recently came together to create a single, standard online application \u2013 called the Supplier Connection<\/a> \u2013 that allows small suppliers to market themselves to many large U.S. firms at the same time.<\/p>\n
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\tToday, I and other Administration officials \u2013 as well as key members of the Council \u2013 look forward to receiving direct, first-hand feedback from small suppliers themselves. I\u2019m confident that we\u2019ll get ideas for new policies, best practices, and new partnerships that can help America\u2019s suppliers continue to grow and thrive in the months and years to come.<\/p>\n
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