Giving entrepreneurs the tools they need
Let’s be clear, the government cannot create jobs in every sector and every corner of the country. What our government can do is create an economic climate that encourages growth.
Central Florida has the people and the economy to start and grow small businesses here. However, the system has made it hard to connect an entrepreneur's dream of starting a business with reality. You shouldn’t have to be an expert in legislation and red tape to get a business off the ground. We must find a way to connect the men and women who want to create a business with the resources they need to do it.
Help reduce the cost of starting a business
Entrepreneurship will be a key driver for the Central Florida economy. Val wants to work with the Small Business Administration to make sure local small businesses have access to start up loans. In addition, Val would propose increasing the tax deduction from $5,000 to $10,000 for start-up costs. With small business start-up costs now averaging $80,000, this can help more small businesses get off the ground and stay viable.
Reward small businesses that create jobs
Be it mom and pop shops or high tech startup companies, we owe it to our new and existing small business owners to make their success a priority. Small businesses are the backbone of America’s economy—we need to invest in them so they can invest in others.
Congress needs to set aside partisan differences and work to relieve the burden for companies that hire and invest in their employees. Policies such as a targeted tax relief program providing a 10% income tax credit to companies that hire new employees is the common sense solution we need. Policies like these could open the door for $200 billion in new hiring. That’s $200 billion flowing directly into the hands of hard-working families.
Val believes that if we help these businesses and their employees, we’ll be on track to a full economic recovery. That means we ought to do everything in our power to help these businesses grow and get Americans back to work.
Opening access to the funds small businesses need to thrive
The biggest hurdle facing entrepreneurs and small business owners today is their ability to access the capital necessary to start and grow a business. There are proposals in front of Congress now to help entrepreneurs looking to start a business by lifting the cap that limits credit unions from lending to businesses. Currently, the cap is 12.25% of total assets, a figure that closes the doors on too many businesses. By raising the cap to 27.5%, we would free up $5 billion in loans and help create jobs over the next three years.
A recent estimate shows this policy could mean $594 million in available funds for businesses right here in Florida. Moreover, community banks and credit unions have stronger relationships in the community to aid businesses looking to grow. Better still, this plan would not cost the government or taxpayers one cent.