Now that President Donald Trump rolled back the Dodd-Frank banking regulations, small businesses are ready to grow and thrive in the new economy.
“Having more capital at our disposal allows us to grow, allows us to create more jobs, get more people in the workforce and keep that money flowing through the economy as best as possible,” says Jonathan Horowitz, president of the Greater Houston Restaurant Association.
The rollback removes regulations on smaller community banks and credit unions, freeing up mortgages and other loans to help boost the economy.
“It's not only the small business people, it's the landlords, it's the developers, it's the construction people, there's a whole food chain involved and freeing up access to capital really does help everybody in that entire chain,” says Horowitz, who also serves as CEO of Legacy Restaurants, operator of the Original Ninfa's on Navigation and Antone's Famous Po' Boys.
“A lot of it depends on whether it's conventional lending or a Small Business Administration loan, but particulary for small business owners even if it does involve some red tape, the easier the process the quicker they can get open and the quicker they can start making money and returning some of that money into the economy.”
Horowitz says having that money available also attracts larger chains and companies looking to tap into the Houston market.