Just think of the difference it would make in terms of higher productivity and reduced social costs if the residents of these areas had greatly increased opportunity and success in joining the economic mainstream. A key aspect of promoting growth in economically distressed areas is to help foster the creation of small businesses in those areas. At Treasury, we have been focused on this issue by working to expand access to capital through programs like our Community Development Financial Institutions Fund and the Community Reinvestment Act. At the same time, through the just developed BusinessLINC initiative, we are working to expand small business access to the networks of information and resources that larger businesses can offer. Launched last year by the Vice President, BusinessLINC, which stands for business learning information, networking and collaboration, encourages large businesses to develop mutually beneficial relationships with smaller businesses, especially in economically distressed areas.
Larger firms can reach new markets, and strengthen their supplier base.
Smaller firms receive expert advise, improve market access, strategic planning guidance, and management development. In essence, this initiative expands on the idea of business mentoring. We look forward to working with the Congress to pass this legislation, which already has bi-partisan support. The third and final challenge we must meet is to continue to provide leadership in the global economy. Again, all of these areas are the focus of great debate, and require difficult choices, yet they all are enormously important to our economic well-being.