Small Business

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Small business is the engine of New Hampshire’s economy – that’s why Senator Shaheen asked to serve on the Senate Small Business Committee. Over 94 percent of all New Hampshire companies have fewer than 100 employees and about 85 percent of New Hampshire companies employ 19 or fewer employees. To put it in perspective, New Hampshire has enough small business employees to fill up Fenway Park almost six times.

As the former owner and manager of a small retail business, Senator Shaheen knows what it’s like to worry about meeting payroll and whether you can pay for the inventory to keep your business going. And as a former Governor, Senator Shaheen understands it is small business, not the government that creates jobs and drives new ideas and innovation. But she also believes government has a vital role to play in addressing the challenges small businesses face, especially in these very difficult economic times.

Ensuring Access to Credit

The credit crunch has hit small businesses especially hard. Too many small business owners today are relying on credit cards with exorbitant interest rates to obtain the working capital they need to keep their businesses going. To help open up credit markets for small business again, Senator Shaheen voted to temporarily waive Small Business Administration (SBA) loan fees and increase SBA loan guarantees. She also voted to increase funding for microloans for start-up small businesses and for a short-term stabilization loan program to help small business borrowers experiencing immediate financial hardship. As a member of the Small Business Committee, Senator Shaheen will push Congress to take more aggressive action to unlock frozen credit markets if there is a need to do more in the coming months to help small businesses access the working capital they need to survive during a recession.

Tax Relief for Small Businesses

To help businesses struggling in this recession, Senator Shaheen voted to allow small businesses to use 2008 losses to offset profits made during the previous five years, enabling businesses hit the hardest to obtain substantial tax refunds. Senator Shaheen also voted to increase the tax deduction small businesses can take for investing in the equipment and machinery they need to grow.

Research and Development

Senator Shaheen believes America’s future lies in maintaining the cutting edge in science and technology, creating new jobs in new industries and giving older industries the tools they need to compete in the global marketplace. Senator Shaheen is a strong supporter of the Small Business Innovation Research and Small Business Technology Transfer programs which help New Hampshire small businesses develop new ideas and turn them into commercial successes. She also supports expanding the federal R&D tax credit and making it permanent.

Health Care Costs

New Hampshire small businesses are struggling with the high cost of health care. Senator Shaheen supports comprehensive health care reform that both expands access to coverage and controls the cost of health care. For more information on Senator Shaheen’s position on health care, click here.