(RALEIGH) -- New federal regulations and the money needed to pay to comply with them are the biggest impediment to success for North Carolina's small businesses.  That was the feeling expressed by small business advocates at a gathering in Raleigh on Tuesday.

Small business leaders are banding together with the National Federation of Independent Business to say that the President needs to take some of the regulations off the table.  800 businesses are taking part in the coalition against the new federal regulations.

Rowdy Jones runs a family-owned business that has been in Raleigh for more than 90 years.  He said if you hear that banks do not want to lend small businesses money, that's not exactly true. "The banks have money. The want to loan money.  They're so scared loaning it and then getting shot down by the FDIC and the people that come in to check you, they don't know which way to go," said Jones.

Gregg Thompson, state director of the National Federation of Independent Business said the new regulations are choking off any chances for small business owners to succeed. "Get their hands from around the throats of small business and let them employ people. Ninety-two percent of jobs in North Carolina are small business jobs and 67 percent of new jobs are created by small businesses," said Thompson.

One business owner said there are more than 4000 new federal business regulations. Of these, they said 845 of them directly affect small business.