Virginia governor holds summit to encourage small business growth

The first Governor's Small Business Summit was recently held in Henrico County, Virginia, to offer small business advice to prospective and current entrepreneurs, according to the Richmond Times-Dispatch.

State officials, business organization representatives and local small business owners who have found success offered guidance to attendees on issues ranging from how to set up a small enterprise to securing financing and complying with accounting regulations.

Virginia Governor Bob McDonnell noted that small businesses create the majority of new jobs in the state, but red tape is holding back employee recruitment.

"There are things that government can do to help you, or things it can do to get in your way and make it harder for you to succeed and grow," said McDonnell, as quoted by the news source. During the summit, he announced his intentions to ensure "fewer impediments from government" to further cultivate small business growth.

According to a recently released report by TD Economics, complying with government requirements is a problem further north as well. Industry Canada ballparks that owners of small and medium-sized businesses spend a cumulative estimate of 30 million hours every year attempting to meet government obligations.