WASHINGTON—Nearly eight in 10 small business owners say the Obama administration needs to do more to keep energy prices low and to reduce regulations that stifle new hiring, , according to a survey released Monday by the U.S. Chamber of Commerce.
The perceived threat of rising gas prices on businesses’ bottom lines doubled from January to March, the survey found. In January, 10 percent of the nearly 1,300 small business executives surveyed saw energy costs as a risk. In March, the number rose to 24 percent.
“Knowing what the cost of doing business will be” is necessary for businesses to put more resources into activities that stimulate job growth and hiring, Little Rock Chamber of Commerce President Jay Chesshir said in response to the findings.
Three-quarters of those surveyed viewed the federal health care law as an obstacle to growing their business.
The majority of small business leaders said they planned to retain the same number of employees, nearly a quarter said they would add employees and about 10 percent were planning to make job cuts. Despite the predictions of stable or increased hiring among a majority of those surveyed, the national unemployment rate held at 8.2 percent in March.
Leaders of small businesses do not believe the Obama administration is doing all it can to develop energy policy that supports the economy and American jobs. Seventy-eight percent said that the Democratic administration has not done everything it can to keep gas prices low and decrease foreign dependence on oil.
Chesshir said that consumer perceptions about higher prices for everyday basics leads to less spending. Consequently, businesses do not want to make investments when future sales are unpredictable, he said.
A sense of certainty and access to capital are critical for small business enterprises to plan and invest for future growth, some government experts say. Although small business executives did not say that access to loans was a problem, securing loans to build businesses has been harder as regulators have sought tougher borrowing requirements.
Earlier this month President Barack Obama signed the Jumpstart Our Business Startups Act into law to loosen regulations and open up new ways for small businesses looking to raise capital to do so online through crowdfunding.
“Creating avenues to provide capital to small businesses and entrepreneurs is a good thing,” Chesshir said, but warned that business owners’ hands cannot be tied by regulation.