Small Business Owners Speak about Their Economic Woes
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It’s old news that small businesses are having a difficult time maintaining their budgets. With government regulations and banks restricting cash flow, small businesses are having difficulty hiring new employees and purchasing additional product for their daily operations. All the buzz around recent job reports have caused many political and business leaders to draft letters offering potential solutions to job opportunity reduction. Broad solutions include making capital more accessible, additional tax reform, and reducing regulations. They argue that additional structural changes are necessary to boost job creation. Regardless, economic uncertainty is a prevailing fear among small businesses.
In an article, The Greeley Tribune reports on the attitudes of small business owners:
“This issue of economic uncertainty that is paralyzing businesses is coming through very clearly on almost every response we get,” Rep. Cory Gardner,R-Colo., said. “We’ve had people who talk about access to capital, concern about our community banks and their ability to lend to small businesses on our main street.”
Gardner said he’s also heard from business owners who talked about the impact of government regulation on hiring.
“One of the letters that we got talked about how in a business often times your payroll is your No. 1 expense that you have. Anytime you have more government regulations that you have to pay for, then it takes away from the ability to have that payroll growth,” he said.
Read the article in its entirety here.