Jeanne Shaheen: “Small businesses are the cornerstone of New Hampshire's economy, just as they are the cornerstone of the economies of so…”

“Small businesses are the cornerstone of New Hampshire's economy, just as they are the cornerstone of the economies of so many of our States. Over 96 percent of employers in New Hampshire are small businesses with fewer than 500 employees, 96 percent. The economic recovery of New Hampshire depends on the ability of those small businesses to invest in their future, to grow their businesses, and to hire new workers. But right now many of these small businesses are hurting and they continue to have trouble accessing credit, the credit they need to help turn our economy around. While community banks in New Hampshire have increased their lending, I consistently hear from small businesses that they still need additional working capital. Last year my office organized a financing fair to bring together lenders and small businesses who need financing. Over 500 people showed up. That is a crowd in New Hampshire. Wherever I go in the State, small business owners tell me they have run out of financing options. In some cases their only choice is to turn to credit cards, their personal credit cards where they pay exorbitant interest rates to get the working capital they need to keep their businesses growing. That is why we need to quickly pass the Small Business Jobs Act.”