3 Things You Should Know About Small Business: Dec. 8

NEW YORK (MainStreet) -- What's happening in small business today?

1. Small Business Saturday draws in more than 100 million shoppers. Main Street merchants got a boost during the second annual Small Business Saturday campaign Nov. 26. An estimated 103 million shoppers visited independently owned businesses on Small Business Saturday, up from the forecast of 89 million shoppers, according to American Express (AXP) OPEN. Small business purchase transactions on American Express Cards at these small merchants rose 23% over last year, the company says.

"Millions of Americans turned out to support local merchants and made this year's Small Business Saturday a big success," American Express' Chairman and CEO Ken Chenault said in a statement. "We want to thank all the consumers, public officials, community organizations, chambers of commerce and corporate partners who were part of the movement. By supporting small businesses across America, they are helping to create jobs, boost the economy and preserve our neighborhoods."

2. White House announces more steps to spur start-ups. The Obama Administration announced $2 billion in additional resources to support job-creating startups.

The Small Business administration is moving forward with its commitment to Startup America, an initiative launched this year to spur high-growth startups. The SBA plans to commit $2 billion overall as a match to private-sector investment over the next five years in promising high-growth companies, according to its Web site.

On Thursday, the SBA said it is launching a $1 billion Early Stage Innovation Fund, which will provide matching capital to Small Business Investment Companies by targeting early stage small businesses seeking private institutional capital.

Thursday marks Startup America's first board meeting, leading to commitments of more than $1 billion in resources from dozens of private-sector partners committed to the initiative.

Among the resources: free software, free consulting and legal services to 100,000 start-ups over the next three years, the White House said.

"Today, we're announcing $2 billion in public and private resources to help entrepreneurs start and grow their businesses. Now it's time for Congress to do its part. It was encouraging to see members of both parties in the House come together to pass legislation that will help small businesses get ahead, and I'm calling on the Senate to do the same. But America's small businesses can't wait for these important tools to grow and hire faster," the president said in a statement.