Every attorney dreams of the day they get to put their name on their own firm. After years of hard work for senior partners, my day finally arrived in 2011. The early going, as with any venture, had its ups and downs, but launching a venture during the peak of the Obama-Biden Administration was a vastly different experience than the environment we’re in today.
The numbers are impressive. From 2016 to 2019, applications for new business in Florida have surged by 14.9 percent, or from 341,746 to 392,583 applications. This increase is not a one-time occurrence. On a quarterly basis, these applications are flooding in! The average increase in our state is 13.1 percent; up from 87,025 in the fourth quarter of 2016 to 98,409 in the first quarter of 2020.
Compared to the Obama-Biden Administration, the numbers demonstrate a clear difference. New business formation was significantly lower during former President Obama’s time in office. The first year of Obama-Biden saw only 61,121 new business applications in Florida and the next year saw a paltry 62,097.
If you’re like me, you’ll skim over these numbers and think – what’s your point?
It’s easy to see the reports on TV and dismiss them. After all, we see them and have almost grown accustomed to politicians touting these numbers routinely. However, these numbers indicate real people who want to set out on their own ventures. They want to set course and capture the American Dream. This entrepreneurial spirit is the foundation of the American economy. Today’s titans of industry once filled out the same new business applications that today’s entrepreneurs send to Tallahassee.
While not every small business owner is looking to go public or become an international conglomerate, we all rely on the same framework to have equal footing. My law firm handles everything from real estate to business acquisitions, and the difference between administrations has been tangible. Businesses of all sizes are competing and growing, and employees who want to launch their own enterprise have the tools and environment to have a chance at success.
There is no doubt that this comes from President Trump’s winning agenda. Deregulation, tax reform, and reciprocal trade deals have put a breath of fresh air into our economy. Business owners can keep more of their profits instead of handing them over to the government. This money is being reinvested in a multitude of ways; businesses have the freedom to hire, invest, or expand in this environment.
While the hit from COVID-19 stalled this historic progress, President Trump has also fought for small businesses during these challenging times. The Paycheck Protection Program is credited with saving 3.2 million jobs in our state and the Small Business Administration loaned nearly $32 billion to 418,578 Floridians. We’re already seeing the jobs and small businesses that temporarily closed come back following the summer stretch. Since May, Florida has added 503,400 new jobs.
Florida’s comeback is already underway thanks to President Trump’s leadership. Our state and nation will continue to recoup the gains we witnessed under President Trump’s first term. A vote for President Trump is a vote for small businesses to continue their mission of achieving success on their own terms.
– Marili Cancio is an attorney in South Florida. Her practice ranges from corporate, real estate, and international law. She serves on the Advisory Board of Latinos for Trump.
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