Kelly’s Corner - The state of small business

Main Street Alliance is thrilled to introduce the Kelly’s Corner series, written by our Board Chair and long-time member, Kelly Conklin. As a small business owner with deep roots in MSA's values, Kelly provides a unique perspective on issues facing small businesses and local economies - and offers guidance for those looking to create positive change! Check out his recent reflections on the President’s State of the Union address.

In his recent State of the Union address to Congress, the President expressed confidence in the Infrastructure Bill and its potential to drive economic growth. However, while big infrastructure projects are important, they do not directly impact small businesses, which make up a significant portion of the economy. To support Main Street and ensure long-term economic prosperity, we need to focus on improving access to affordable credit for small businesses.

One issue the President's report highlighted was the deceptive fees and charges hidden in consumer transactions. While these fees are unlikely to go away, we can work towards greater transparency and accountability by rolling them into overall prices. However, the bigger problem is the usurious interest rates charged on credit cards and credit card transaction fees. Small businesses, along with their customers and employees, bear the brunt of these fees and rates.

Fixing access to credit is crucial for small businesses to thrive, and it does not require new spending. Instead, we need loan and banking laws that limit transaction fees and credit card interest rates. This will rebalance the playing field between small and big businesses and drive long-term economic growth.

At MSA, improving access to credit is a top priority. We believe that low-cost, high-impact policies are key to building a stronger economy and addressing the inequities that drive much of the strife in our politics. When we succeed in fixing access to credit, the economy and the country will be stronger. So let's work together to ensure that small businesses have the resources they need to succeed and drive long-term economic growth.