SENATOR TUTTLE VISITS LOCAL BUSINESSES IN DOWNTOWN BUSINESS WALK
Senator Tuttle emphasizes the importance of small businesses to local economy
SANFORD– Democratic Senator John Tuttle of Sanford joined Democratic Senators across the state this week to meet with local business owners and staff on Thursday to discuss the opportunities and challenges facing small businesses in Maine.
“It is important that we recognize the businesses on Main St., which are the backbone of economic activity in our state,” said Senator Tuttle. “The owners and staff of these businesses are creating jobs and growing our economy and we need their input.”
Maine’s economy is driven by, and depends, on small businesses. Nearly 90 percent of Maine companies employ fewer than 20 people. With this in mind, the 126th Legislature made economic growth a top priority and developed an agenda to help small businesses create good-paying jobs for Maine people.
Democrats created the Joint Select Committee on Maine’s Workforce and Economic Future to focus on meeting the needs of businesses and workers for successful growth. The Workforce Committee heard from leaders in the business and research and development communities to develop a $50 million bond package to improve Maine’s economic outlook. The focus of the bonds, which will be on the ballot in November, is to provide funding that small businesses and institutions will use specifically for job creation efforts.
The 126th Legislature also worked to make it easier for small businesses to attract private investment. Senator Tuttle supported a law that provides funding for the Seed Capital program, which provides tax credits to private investors who invest in eligible Maine businesses. Every $1 spent yields $8 of investment. In 2012, $4.67 million was invested in a dozen Maine companies and since the creation of the program, 128 Maine companies have received capital. He also supported a new law that makes it easier for entrepreneurs and startups to raise money through crowd-investing. This initiative costs the state no money; it simply modified regulations to make it easier for Mainers to invest in new local businesses.
Given Maine’s continuing economic challenges, Senator Tuttle has been meeting with as many business owners and their employees as he can before the next legislative session starts in January. Any new legislation that can help Maine’s economy start to recover the jobs lost during the recession will need to be submitted before the deadline that will be set by the Legislative Council in November. Democratic Legislators are working to be able to move quickly on such proposals at the beginning of the year.
“It was great hearing from local small business owners about their experiences and brainstorming solutions to the challenges they face,” added Senator Tuttle. “When our small businesses succeed, everyone of us benefits.”
Senator Tuttle visited a number of downtown businesses, including Wilbur G. Shaw Hardware, The Man Cave Barber Shop, Back Street Grill, H.A. Mapes Oil and others.
Photos of Senator Tuttle with the store owners can be found here.
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