Exclusive: SBA's Kelly Loeffler predicts AI will fuel Main Street growth
Summary
Kelly Loeffler, head of the Small Business Administration (SBA), said artificial intelligence (AI) will create jobs and help small businesses grow across the U.S. She warned that if China leads in AI, it could hurt American businesses, especially those on Main Street. The SBA is working to support small businesses by focusing on technology, easier rules, and better access to funding.Key Facts
- AI will change how people work and is expected to create new jobs, especially for small businesses.
- Loeffler said AI is a tool that can level the playing field for American businesses.
- She emphasized the importance of the U.S. winning the AI competition against China to protect American economic interests.
- The SBA faces possible budget cuts proposed for fiscal year 2027, which could reduce help for small businesses.
- These cuts might lead to higher borrowing costs and fewer support resources for small businesses.
- Loeffler is aiming to make the SBA more focused on technology and customer needs instead of bureaucratic processes.
- Small businesses employ nearly half of all U.S. workers and are key to economic growth.
- Despite challenges like inflation and higher gas prices, many Americans are starting new businesses at high rates.
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