Supporting Small Businesses

Small and medium-sized businesses are the economic engine of our communities – and are responsible for the majority of job creation in our communities. While Wall Street got bailed out, Main Street is still suffering from the impact of the Great Recession. Many are struggling to stay afloat. Others would like to expand or update their company, but are having trouble accessing the cash or capital to do so. There are simple things Washington can do to help small businesses to grow and create jobs. While this is a common-sense approach, Congressman Cravaack continues to vote against bills to provide tax cuts and increase lending to small businesses.

I’ve been self-employed. I’ve also run a statewide organization. I know how hard it is to make payroll and expenses, provide health insurance for employees, and meet a bottom line. In part because I experienced many of the pressures that small businesses across our state are faced with, I have been an advocate for small businesses in the state Legislature. I strongly pushed for the development of Angel Investor Tax Credits, technical and advisory assistance for new small business owners, for workforce and infrastructure investments, and keeping taxes down so small businesses could succeed.

Congress can and should do more to support small businesses. Getting out of the way and letting small businesses succeed by cutting down on excessive, outmoded or redundant regulation is just one step Congress can take to help promote successful small businesses. A well-prepared workforce, high-speed broadband and transportation infrastructure make it feasible to develop businesses in our rural communities as well as metropolitan areas. We must also end tax breaks for corporations that ship our jobs overseas and instead offer breaks to small businesses that create good jobs here at home. Congress can also provide a helping hand to responsible small businesses by pushing banks to lend again and providing research and development tax credits, like we have here in Minnesota, that allow businesses to reinvest in their workforce.