Supporting Small Businesses

Small businesses are the engines of our economy, driving the creation of 64% of all new jobs. In Minnesota, small businesses are an especially important part of the economy, with 97% of the businesses having fewer than 100 employees. In fact, 94% of all Minnesota businesses have fewer than 10 employees; these microbusinesses and sole proprietors are critical to Minnesota’s economy, and yet they are frequently overlooked when it comes to policy.

Managing a microbusiness himself, Jim knows how important it is to focus efforts on removing barriers to success. Right now only 51% of new small businesses survive more than five years. Excessive health care costs, government mandates, tax-related issues, and a tough economy all decrease the likelihood of long-term success. But when Minnesota’s small businesses survive and prosper, we all benefit: jobs are created, quality of life increases, the local tax base grows, and other entrepreneurs are inspired to start or expand their own businesses.

While we are still pulling ourselves out of the 2008 economic downturn, many small businesses are still struggling to remain afloat. That’s why Congress needs to assist small businesses with legislation like the Small Business Jobs and Credit Act of 2010, which would provide up to $30 billion in assistance and loans to small businesses—a bill that Representative Paulsen opposed. As your Congressman, Jim will be a champion for small business and do what is necessary to make sure businesses can access the credit they need at local banks.

The rising cost of health care is one of the most burdensome expenses that small businesses face. Small businesses are at a disadvantage in the insurance market because of their limited buying power, and, as such, their health care costs tend to be higher than in larger businesses. Jim supports recent changes in law that will set up “Small Business Health Options Programs,” which will let small businesses pool together to buy insurance, driving down the costs through greater purchasing power—another common sense solution that Representative Paulsen opposed.

Congress can and should take steps to ease the burdens on small businesses and help ensure their success. In Congress, Jim Meffert will support policies that make sure businesses of all sizes have the opportunity to grow.