Small business has led the economy out of all past recessions and will do so again, Steve Odland, chairman and CEO of Office Depot told CNBC.
“Small businesses are so important to our economy—they create all the jobs, they lead through these kinds of different slowdowns and right now, all eyes are on small business,” Odland said in a live interview from the National Summit in Detroit.
However, Odland said small businesses are having a hard time financing their companies due to the housing market meltdown.
“Most small businesses finance their businesses through their homes—for example, taking out a second mortgage,” he said. “But because housing market is really leading this economic meltdown, we need liquidity to come back into the market place either through the housing market or through other means for small businesses to form their traditional mean to lead us through this.”
Odland said he expects to see a recovery at the beginning of next year.