January 31, 2011 / 11:03 AM / 9 years ago

White House to launch job-creating start-up effort

President Barack Obama buys a sandwich before he hosts a round table discussion with small business leaders at the Grand Central Bakery in Seattle, Washington, August 17, 2010. REUTERS/Larry Downing

WASHINGTON (Reuters) - The White House will announce an effort on Monday to encourage job-creating start-up businesses in hopes of reducing the country’s stubbornly high unemployment rate.

Senior officials are to launch a national campaign called “Startup America,” which will encourage private sector investment in startups and small firms, accelerate research and address barriers to success for entrepreneurs and small businesses.

Officials are to announce that President Barack Obama will propose making permanent the elimination of capital gains taxes on key investments in small businesses, a White House official said.

That provision was passed in September as part of a temporary measure. Obama’s fiscal 2012 budget proposal to be released in two weeks will propose making the provision permanent.

Officials will also announce that the Small Business Administration will direct $2 billion over the next 5 years to match private sector investment funding for startups. The money is already in the budget.

Reporting by Steve Holland; Editing by Todd Eastham

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