SENATOR LACHOWICZ VISITS LOCAL BUSINESSES IN SMALL BUSINESS WALK

Posted: October 09, 2014 | Senator Lachowicz

Senator Lachowicz emphasizes the importance of small businesses to local economy

AUGUSTA – Today, Democratic Senator Colleen Lachowicz of Waterville met with local business owners and staff to discuss the opportunities and challenges facing small businesses in Maine.

“It is always incredibly valuable and insightful, sitting down with local business owners and talking with them about what they experience every day and how we can help them grow and create more jobs,” said Senator Lachowicz. “Bringing their ideas to Augusta is critical if we are going to turn our economy around.”

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 Lachowicz 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. She 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, 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.

“Today I talked with business owners about all sorts of issues, from tax incentives to finding workers with skills businesses need,” said Senator Lachowicz. “Maine’s economic success depends on the success of our small businesses and I am committed to helping them thrive in any way I can.”

Senator Lachowicz visited 4 small businesses today, including the Flood Brothers Farm in Clinton, and the Framemakers, Holy Cannoli, and Barrels Community Market in Waterville.  Photos of Senator Lachowicz visiting the businesses can be found here.

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