With her questionable business practices, Linda McMahon’s confirmation raises serious concerns for small business owners.Read more
Today’s confirmation of Steven Mnuchin as Treasury Secretary could mark a return to the failed policies that devastated small businesses and destroyed the economy.Read more
Under the cloak of darkness, Senate Republicans cast an early morning vote to confirm ethically compromised Rep. Tom Price as Secretary of HHS.Read more
The Ninth Circuit Court rules to keep Muslim ban temporary restraining order in place.Read more
Main Street small business owners need an HHS Secretary with a plan to address affordable health coverage for themselves and their employees.
Small Business Owners Say The Trump-Led Republican Health Plan is a Disaster for MN Small Businesses
A Repeal of the ACA Threatens The Financial Health of Small Business OwnersRead more
Main Street business owners counter Trump’s divisive rhetoric and executive action with a message of diversity and inclusion.Read more
Main Street Alliance Urges Senators to Reject Nomination of Rep. Tom Price for Health and Human Services Secretary
Main Street small business owners oppose Price nomination; warn Senate leaders his efforts to repeal the Affordable Care Act, privatize Medicare and block-grant Medicaid would negatively impact their bottom line.
Ahead of today’s confirmation hearing, Main Street Alliance (MSA), a national network of state-based small business coalitions, calls upon the Finance Committee to oppose Mr. Trump’s nominee for HHS Secretary, Representative Tom Price (R-GA). In a letter to the committee opposing his nomination, Main Street Alliance warns that Rep. Price’s policy agenda would prove particularly harmful for small business owners.
MSA National Director Amanda Ballantyne writes:
“HHS-administered programs, such as the ACA, Medicaid, and Medicare, have provided much-needed relief to small business owners, who have long struggled to obtain affordable, quality coverage in the private market…. Unfortunately, Representative Price’s record on these programs is dismal.
Representative Price is a proponent of radical proposals to cut billions from Medicare, converting it to a voucher which would lose value over time and shift more and more costs onto seniors and people with disabilities. He also supports increasing the age of Medicare eligibility from 65 to 67, which would increase the number of older adults--many of whom are small business retires-- without health care coverage. Furthermore, Representative Price supports the repeal of the Affordable Care Act (ACA), a plan that would cause 30 million people to lose their coverage by 2019, including over 4 million business owners; collapse the individual market; and cause premiums for small business owners to skyrocket.
Beyond the direct health and financial costs to small business owners, Representative Price’s plan to dismantle the current health care system would siphon billions of dollars out of local economies, starve state funding, and under-resource vital programs that small businesses rely on.”
The ripple effects of repealing the ACA and implementing Representative Price’s policy agenda would be far-reaching and disproportionately hinder small business growth. Main Street Alliance urges members of the Senate Finance Committee to oppose the nomination of Tom Price for Secretary of Health and Human Services.
View the full letter HERE.
Small businesses in the Chicago and Los Angeles-San Diego region are getting fewer loans and smaller amounts from banks than in 2001.
A new report by Woodstock Institute shows stark disparities in loan rates for business owners in disadvantaged neighborhoods. Small business owners in low- and moderate-income areas receive disproportionately fewer bank loans than small businesses in more affluent areas.This lack of access to capital compromises a crucial source of economic opportunity and asset-building within lower income neighborhoods. Bank loans to businesses are necessary for community development because businesses without adequate access to capital fail to grow, cannot hire workers, and cannot make the kinds of investment often required of entrepreneurs.
“I needed a small loan to manage a surge of growth at my gourmet donut shop. It would’ve allowed me to triple my workforce with 24 new jobs and rescue a dilapidated corner of my neighborhood,” said Brad Keiller, the owner of Nomad Donuts in San Diego and a member of the Main Street Alliance. “I should’ve been a shoo-in for a small business loan. I have hundreds of thousands of personal capital invested, excellent credit, I’ve been in business for over two years and my revenue is through the roof. But even with the loan guaranteed by the SBA, banks don’t have enough incentive to lend to a business like mine. It’s been over a year and I’m on my eighth attempt to secure funding.”
The report, Patterns of Disparity: Small Business Lending in the Chicago and Los Angeles-San Diego Regions, examines bank lending to small businesses in the Chicago region as well as in the Los Angeles and San Diego region. It is the first in a four-part series of research reports examining small business access to bank loans in eight major metropolitan areas.Read more