Helping Small Businesses Thrive
In the last 20 years, two-thirds of all net new jobs in this country were generated by small businesses, and today over half of all U.S. workers either own or work for a small business. Senator Reed believes that our country’s strength is its ability to foster opportunities to innovate new business ideas – whether from the boardroom or the kitchen table – to grow into full-fledged enterprises that generate good-paying jobs and vitality in our communities.
Senator Reed understands the importance of small businesses. They support local employment, boost economic activity, and preserve neighborhoods and cultures across our state. To assist small businesses, Senator Reed supports the bipartisan Marketplace Fairness Act, which ensures that online and traditional brick-and-mortar stores have to follow the same rules when it comes to things like state sales taxes, because neighborhood stores won’t have a level playing field until this legislation is passed.
Senator Reed has also worked to reauthorize the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs through 2017. These important federal programs offer small businesses the potential to explore and expand their commercial footprint and encourage entrepreneurism, innovative research, and development throughout Rhode Island. He is also a strong backer of the Defense Procurement Technical Assistance program, which helps small Rhode Island defense firms compete and win contracts to supply our military.
Key Priorities & Accomplishments
- Senator Reed committed to helping small businesses when he voted for the 2014 Omnibus Appropriations bill, which provided $196 million for entrepreneurial development grants that fund technical assistance, training, and business planning guidance for starting and growing small businesses.
- In the wake of the historic 2010 floods that hit Rhode Island, Senator Reed helped secure nearly $14 million in small business loans from the Small Business Administration (SBA) for 175 businesses throughout the state.
Read more by visiting Senator Reed's Working for RI page.