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WASHINGTON, D.C. – January 31, 2011 – The White House today announced the launch of the Startup America Partnership, which is described as a coordinated public/private initiative to accelerate high-growth entrepreneurship.
As part of today’s announcement, Gene Sperling, director of the National Economic Council and assistant to the president for economic policy, confirmed reports that the Obama Administration’s fiscal 2012 budget will propose an expansion of the New Markets Tax Credit (NMTC) program to $5 billion from $3.5 billion to encourage investments in startup companies and small businesses based in low-income areas.
In an online fact sheet about the initiative, the White House announced that the Treasury Department will host a March 2011 conference to explore access to capital for small businesses. Details about these proposals are expected in the coming weeks and information will be posted to www.newmarketscredits.com as soon as it becomes available.
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