SENATOR JOHNSON CONDUCTS LOCAL BUSINESSES LISTENING TOUR
Senator’s business visits emphasize the importance of small businesses to local economy
[AUGUSTA] – Democratic Senator Chris Johnson of Somerville joined Democratic Senators across the state this week to meet with local business owners and staff on Monday to discuss the opportunities and challenges facing small businesses in Maine.
“These businesses are a critical part of our economy and our community,” said Senator Johnson. “It is hard to overestimate their importance.”
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. The Senator 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 supporteda 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, Democratic Senators have been meeting with as many business owners and their employees as they 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.
“I enjoyed finding out more about a cross-section of the businesses in the district, with their various needs and their fascinating histories. They have a lot to offer to the local economy, ” added Senator Johnson. “It was especially interesting to see how they have adapted to the changing times while staying true their core business.”
Senator Johnson visited Treats in Wiscasset, Hodgdon Yachts in East Boothbay, The Pemaquid Oyster Company in Damariscotta, and Masters Machine in Bristol.
A photo of Pemaquid Oyster Company’s owner, Smokey McKeen, and their oyster pens can be found here. Their attention to quality has provided a strong market for oysters grown right here in mid-coast Maine.
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