A big section of Michigan’s economy is being targeted by Democratic presidential nominee Hillary Clinton. According to the U.S. Small Business Administration, 98.2% of businesses in Michigan are small businesses. The SBA defines a small business as one with fewer than 500 employees.
Clinton released a plan for small businesses Tuesday that she says will make it easier for entrepreneurs to start their small businesses. Clinton’s plan would provide incentives to state and local government that make it easier to start a small business, reduce red tape for getting a loan, and make it cheaper and faster to file taxes as a small business.
Sonya Pounce is the owner of 313 Construction in Detroit. She says right now it’s very difficult for a small business to get off the ground.
“Very often businesses like ours find that the cost and the red tape associated with capital and other resources is so burdensome as to, to almost be prohibitive,” she said.
U.S. Rep. Brenda Lawrence, D-Southfield, is a strong supporter of Clinton’s small business plan. She says the comeback of Detroit was a result of increased investment in small businesses.
“Supporting and maintaining the strength of our small businesses is critical to our economy,” she said.
Pounce echoed Lawrence’s enthusiasm for the impact small businesses could have.
“This plan will also play a key role in the recovery of cities like Detroit by making permanent some of the tax incentives,” Pounce said.
Clinton’s plan would also provide incentives to state and local government that make it easier to start a small business. Clinton says she wants to be the “small business president.”