Even though the Leadership of the Wyoming Legislature feels small businesses are a drain on resources and economic diversity will not help Wyoming; and even though heads of Wyoming administrative departments say that they can on be concerned with the concerns of small business in Wyoming, I do not support that position.
I believe small business is the key to economic diversity and the growth of Wyoming.
77% of the almost 20,000 businesses in Wyoming have less than 10 employees and over 96% have less than 50 employees.
Wyoming loaned millions to a single business hoping to create about 50 new jobs. After 2 years the project is on hold, the building is 2/3 built, no jobs have been created, and the out of state business is near bankruptcy. I do not believe that is the model of how to move Wyoming ahead.
In another venture, Wyoming gave a single business a $6 million grant; that never needs to be paid back, to hopefully create 66 jobs. While I support helping small business, I do not believe using grants this is a sound business model.
It is nice to score a major employer in a community, but I believe that it is better to give many small businesses low or no interest loans.
I support creation of a revolving loan fund in which small businesses could borrow up to $250,000. This will have more of an impact as it will help the 96% of businesses that have less than 50 employees. In the example of the $6 million grant that was given you could have loaned 66 small businesses in 66 towns each $90,000 and had more of an impact, plus the money would be paid back to be loaned to other businesses.
$90,000 would allow a business to buy a new service truck and equipment to add an employee. $90,000 would allow a butcher to get the equipment to be certified to process and sell the locally raised cattle. $90,000 would allow a new day care center to open.
Each small loan will make an impact in the lives of people in every community in Wyoming, or we can keep doing the few big projects and continue to ignore the majority of Wyoming businesses and communities.
YOUR Representative opposed Wyoming accepting matching funds for the creation of a small business innovation research fund (2016 HB 061).
We can keep hoping for the big score in a few towns, but I always support the underdog. I will support creating lots of little businesses because
YOU are worth Fighting For!
Paid for by Mike Specht, 24 Hail Basin Rd, Clark WY 82435