Republicans Reject Support for NH Small Businesses
Contact Name: Marina Altschiller
Phone: (603) 568-9357
CONCORD – Today, the Republican members of the Senate Commerce Committee voted Inexpedient to Legislate on SB 428, which sought to establish a scholarship fund in the capital access program of the NH Business Finance Authority to cover entry costs for "socially and/or economically disadvantaged" individual small business owners, as defined in federal law, applying for loans from the program. The bill will next go before the full Senate for a vote.
After the vote, prime sponsor Senator Becky Whitley (D-Hopkinton) issued the following statement:
“Today my Republican colleagues failed to support small New Hampshire businesses. SB 428 sought to provide critical assistance to businesses owned by individuals who have experienced disadvantages due to gender, race, ethnicity, culture, or economic circumstances. They are the backbone of this state, and their success is critical to ensuring New Hampshire can compete in a modern economy and attract a modern workforce.
Last year, New Hampshire dropped 12 spots in CNBC’s rankings of the ‘Top States for Business.’ The study noted our high cost of living, our aging workforce, and most notably our lack of access to capital as significant reasons for our failure to attract diverse, college-educated workers. And today, 10 days into Black History Month, my Republican colleagues chose to stand in the way of a small but critical investment to address these very issues.
SB 428 received no opposition at the public hearing and was written in concert with the NH Business Finance Authority. While I am deeply disappointed in today’s vote, I will continue to fight for our small businesses and the capital they need to thrive.”