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Roughly two weeks ago, Scott Murphy made a pitch during his debate with Chris Gibson that government and small business could be partners in economics growth. A few days later, Scott Murphy launched his second campaign video touting his small business friendly credentials. Using small business owners as props for his re-election, the video tried to market the idea that Scott Murphy was a boon for Main Street businesses. Noticeably missing from the ad was Scott Murphy’s voting record. Here’s why.
Continuing on his perceived strength in the area of SBA loans, Scott Murphy held a round table meeting with SBA director Karen Mills. However, many business owners voiced concern over the extreme difficulty and rigors involved in obtaining SBA loans:
While Levitas said the SBA loan process went smoothly for him, others voiced a different concern, citing burdensome paperwork and a slow approval process.
"I think it’s good for the decision makers to hear it straight from the horse’s mouth," said Kent Tarkleson, who owns an indoor recreational golf club named Tark’s, on the city’s west side. Tarkleson said he eventually secured funding for his business project privately, but added that Thursday’s roundtable was an encouraging step forward for decision makers to take steps to make the process more user-friendly.
Unfortunately, small businesses owners will need to get used to the bureaucracy involved in obtaining government funding. Scott Murphy’s vote on financial reform has all but ensured credit markets will be stalled for years to come. Andrew Busch, global currency and public policy strategist at BMO Capital Markets gave the following assessment:
However, he added that after full implementation, the bill will reduce bank’s profits, reduce the ability to compete globally and reduce credit to the economy.
“The biggest losers for the drop in credit will be small to medium sized firms which are the drivers of job growth in the United States. Regulation increases the cost of what is being regulated as it simultaneously reduces the supply of what is being regulated.”
Scott Murphy’s marketing may be slick, but in the end businesses know that his voting record is challenge standing in the way of small business. Regulations like the 1099 requirements in the health care bill Murphy voted for are crippling burdens to small businesses and inhibiting economic recovery.
Sure Murphy was able to help grease the Volkommer’s SBA application, but the real problem is; what is his plan for the thousands of other businesses he’s burdened with his Washington votes? If you ask him, I’ll guarantee you’ll get a prop instead of an answer.