Congress can do more for small business

Small businesses are the bedrock of New England’s economy. That’s true not only in my home state of New Hampshire but all across the region. Small businesses account for nearly 96 percent of our employers.

That’s why it is critical for New England’s congressional delegations to play an active role as advocates for federal policies to help our small businesses stay competitive and grow.

For New England to thrive, we need to support small businesses in the high-technology and advanced manufacturing sectors, which are now the leading drivers of our region’s economy. Small businesses in these sectors are wellsprings of innovation nationwide, employing nearly 40 percent of America’s scientists and engineers, and producing more than 14 times more patents than large businesses and universities.

However, unlike large companies, small businesses often find that the risk and expense of ambitious research and development efforts are beyond their means. That’s why I am working on a bipartisan basis to reauthorize and improve the Small Business Innovation Research and Small Business Technology Transfer programs, which set aside a percentage of federal agencies’ extramural research and development budgets for contracts with small companies. These programs make it possible for small businesses to compete on a more level playing field with much larger businesses.

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For example, the Navy has used an SBIR contract with Creare, a New Hampshire engineering firm, to develop innovative technology for safely drying laundry aboard naval vessels, including submarines.

Another way to keep New England’s economy competitive is by helping small businesses penetrate growing and emerging international markets. Ninety-five percent of the world’s consumers live outside the U.S., yet only 1 percent of small and medium-sized businesses sell into those markets, compared to 40 percent of large businesses. To help close this gap, we passed legislation creating the State Trade and Export Promotion program, which provides direct assistance to companies for counseling, market intelligence and access to foreign markets. To date, STEP has helped 1,949 small businesses in the region, supporting nearly $57 million in sales. I’m working with U.S. Sen. Susan Collins, R-Maine, to reauthorize this successful program so that it can continue to help our small businesses compete globally.

In addition, all 12 U.S. senators from the six New England states oppose misguided efforts to defund the Export-Import Bank. Nearly 90 percent of the bank’s transactions directly support small businesses, and the bank has supported more than $3.7 billion in export sales by New England businesses since 2007. It makes no sense to approve a new trade agreement with Asian nations, and then to shut down the institution that helps to provide capital so American businesses can compete with their Asian rivals.

Energy costs in New England are the highest in the nation, and energy efficiency is the fastest, cheapest, most readily available path to reducing those costs. I’m working to advance the Smart Manufacturing Leadership Act, which directs the Department of Energy to focus on making the advantages and savings of smart technology available to small and medium-sized manufacturers with limited expertise and resources.

We’ve come a long way from the Great Recession, when credit all but dried up, but small-business entrepreneurs still struggle to secure credit and capital. We are working now to pass the Commercial Real Estate and Economic Development Act, my bill to expand small businesses’ access to credit by extending SBA’s 504 refinancing program for five years.

I encourage employers and entrepreneurs to reach out to me and my committee staff to explore new ways to meet the needs of New England’s small businesses. •

U.S. Sen. Jeanne Shaheen, D-N.H., is the lead Democrat on the Senate’s Committee on Small Business and Entrepreneurship.

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