(FORTUNE Small Business) – From his first day in office, small business owners have kept a watchful eye on President George W. Bush, looking for any sign that he'd do what few Commanders-in-Chief have done before: champion their cause in Washington. After all, the former Texas oilman considers himself an entrepreneur. And he extolled corporate small fry as the heroes of the new economy during the presidential campaign. But after reviewing his first 100 days on the job, entrepreneurs feel President Bush has turned his back on many of the pressing small business concerns that he pledged to address during his campaign--such as the soaring cost of health care and the need for worker-retraining programs. As Len Batterson, a founder of AOL and now chairman and CEO of Vcapital.com, an online venture capital market, sums it up, "We're still waiting for the Administration to put the spotlight on us."

How long it will take the Administration to focus on America's little guy is anyone's guess. In the meantime small business owners are frustrated. This was evident at a recent CEO roundtable discussion called "Bush's First 100 Days," hosted by FSB. The participants, who reviewed the small business platforms of both presidential candidates for our magazine last year, included six business owners from the Chicago area. They represented a cross-section of industries. In addition to Batterson were Paul Cooper, CEO of Perceptual Robotics Inc., a maker of video software for the Web; Andrew Cory, president of the Cory Group, an insurance brokerage and professional employers organization; Keith Hasty, president and CEO of Best Foam Fabricators Inc., a family-owned manufacturer of foam for the auto industry; Leticia Herrera, CEO of ECI Inc., a restoration and maintenance company; and Max Suzenaar Jr., president of Minding Your Business, an event-planning company.

After reviewing the Administration's initiatives the CEO panel gave President Bush a C+ grade for his efforts to tackle the concerns of the country's 24 million small businesses, which contribute 45% of the nation's GDP. That's despite the fact that Bush has introduced broad initiatives that could help entrepreneurs. The Administration's centerpiece: a federal budget with at least $1.3 trillion in tax cuts.

The President's mediocre mark was based mainly on his plan to bludgeon a number of key federal programs that support small firms. "This is the fallout effect from all the budget and tax cuts," explains Herrera. "Ironically the Administration thinks this is a good way to recharge the economy. But how can that happen if small businesses can't get the resources they need to grow? This puts us even further behind the eight ball."

According to the CEO consensus, President Bush's worst offense is his plan to slash $361 million in appropriations for the Small Business Administration, the government agency that runs the most funding and support programs for entrepreneurs. To make up for the shortfall in its coffers, the agency would have to charge higher fees for its popular 7(a) guaranteed loans. They typically guarantee up to 85% of a loan for a small company that is having trouble raising money on its own from a private bank or commercial finance lender. To date, that program has helped finance over one million companies, including Ben & Jerry's and Nike. The Bush plan also puts an end to the Business Link Program, a mentoring program for small companies based in economically distressed areas. And it earmarks no new funds for the New Markets Venture Capital Program, an investment company program that funnels money and technical assistance to entrepreneurs in inner cities and poor rural communities.

Another concern among CEOs is Bush's plan to cut federal funding for basic research from such institutions as the National Science Foundation. "This is like cutting the gasoline spigot to one of the biggest engines of wealth creation in this country--technology," says Cooper. He notes that NSF grants fund university research that is often spun out of the lab by entrepreneurs into the commercial marketplace.

But not all of President Bush's efforts during his first three months got poor reviews from FSB's roundtable. Most applauded Bush's phaseout of the estate tax over the next decade, since many family businesses have to be sold off to pay the tax, which can be as high as 55%. They also were thrilled with his repeal of a controversial ergonomics rule ordered by the Clinton Administration that could have cost small business owners billions by imposing onerous OSHA regulations and offering no protection against frivolous lawsuits on repetitive-motion injuries. "We need to see more pointed initiatives that help us," says Suzenaar.

Hopefully, Bush will start paying attention to the critical concerns of small business. "I'm waiting for it to happen, but I don't want to see solutions based on knee-jerk reactions to a crisis," says Batterson. "That's the way our government has always worked."

--LORI IOANNOU