SENATORS CLEVELAND AND CRAVEN VISIT LOCAL BUSINESSES IN DOWNTOWN BUSINESS WALKS
Senators emphasize the importance of small businesses to local economy
[AUGUSTA] – Today, Democratic Senators John Cleveland of Auburn and Margaret Craven of Lewiston met with local business owners and staff on Monday to discuss the opportunities and challenges facing small businesses in Maine.
“I know how critical small businesses are to our community and our state,” said Senator Cleveland. “Their input is critical to legislators if we are to grow our economy.”
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 Senators bothsupported 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. They 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.
“Small businesses are the lifeblood of our economy,” said Senator Craven. “We need to do all we can to make sure they have the tools they need to succeed.”
Senator Cleveland visited several small businesses yesterday, including Roy’s Foodland, Curry Printing and 4 Season’s Farm Market.
Senator Craven visited several small businesses yesterday, including Maine Community Health Options, Baxter Brewery and Hairlooks International. A photo of Senator Craven with Representative Nate Libby (D-Lewiston) and Luke Livingston, President of Baxter can be found here.
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