Federal official hails Philly Navy Yard’s success in fostering business

Federal officials came to Philadelphia Tuesday to show their support for innovative entrepreneurs.

 

Acting U.S. Commerce Secretary Rebecca Blank was among those at the Navy Yard, which has evolved into a business incubator. Blank, who said helping small business grow is a key part of President Barack Obama’s economic plans, lauded the former South Philadelphia military facility’s continuing success.

 

“It’s a wonderful example of how you can create a cluster of these together and, through them, generate regional economic growth,” Blank said.

Blank used the visit to push for Obama’s legislation, The American Jobs Act.

“The majority of new jobs come from small businesses,” she said. “The president’s new jobs plan (focuses on) reducing taxes on small business and finding ways for making it easier for small businesses to hire new workers and growing the wages of the workers who are already there.”

Two of the 20 groups nationwide receiving funds from a new federal lending program are from Philadelphia.