Like many American entrepreneurs, Peter Benson and his wife invested every dime of their savings into their Kansas
manufacturing company, which employs 55 workers and manufactures and exports steel parts. Over the past 12 years, they tripled their sales and doubled employment – in the face of a market crash and two recessions. Now Mr. Benson wants to expand and hire more workers. However, though he has a perfect track record, his loan, backed by the Small Business Administration (SBA), has reached the $2 million maximum allowed by law. Despite his desire to create more good-paying jobs, he cannot get the additional credit he needs.
Unfortunately, Mr. Benson’s story is not unique. Small businesses traditionally have been our nation’s job creators, with 65 percent of new jobs coming from them. But over the past year, they have suffered from the fiscal downturn – more than 80 percent of the jobs lost came from small businesses. Today, small businesses want to hire new workers, but their ability is just out of reach.
As chairman of the Senate Committee on Small Business and Entrepreneurship, I am working with Democrats and Republicans to ensure that the Small Business Administration is a more muscular agency and that small businesses have the tools they need to continue as our nation’s innovators and job creators.
Read the rest here: LANDRIEU: Creating jobs on Main Street – Washington Times.