April 28, 2005

Last week Democrats celebrated Equal Pay Day and Earth Day. This week Democrats across the nation are recognizing the millions of small businesses that contribute everyday to our economy. Small businesses are essential to the every aspect of our national and state economies.

Democrats are true advocates for promoting small business. Democrats support tax credits and energy investments that slash overall operating costs for small businesses and encourage them to grow and expand here in America. Democrats understand that rising health care costs impact small business owners. That is why Democrats are dedicated to reforming the health care system and cutting taxes to help small businesses pay for health insurance.

In recognition of Small Business Week, the Colorado Democratic Party would like to share some important facts about small businesses in the State of Colorado. The Colorado Democratic Party also wants you to take action and show your support for small businesses in our state.

Facts about Small Businesses in Colorado

* Colorado small business owners-including women, minorities and home-based individuals-were leaders in the States economy in 2003

* In 2003, it was estimated that there were 481,800 small businesses in the state of Colorado

* Over 97% of the employer firms in Colorado were small businesses

* Self-employment increased by 17.7% between 2002 and 2003

* Self-employment by women increased by 7.1% between 2002 and 2004

* Women represent 41% of the total number of self-employed individuals in the State of Colorado

* Women-owned businesses generated $13.8 billion in revenues in 2003

* 21.6% of Colorados employer firms are minority-owned

* Minority-owned business brought in over $6 billion in revenues for the State of Colorado

* According to the US Department of Commerce, there are 28,500 Hispanic Owned businesses in Colorado; 5,300 Black-owned businesses; 10,200 Asian-owned businesses; and 3,400 American Indian-owned businesses

* Small businesses in Colorado employ over 50% of the states non-farmer workforce

What Democrats are Doing to Support Small Businesses

* In April 2005, Democratic Representative Melissa Bean (Ill) offered an amendment in the Small Business Committee to restore $79 million to the Bushs budget cuts for the 7(a) loan program. The 7(a) loan program provides 30% of all long-term loans for small businesses. In 2004, the 7(a) loan program helped provide $342,203,000 for 1,575 loans for Colorado businesses.

* In March 2005, Representative Nydia Velazquez (NY) offered an amendment to the Job Training Improvement Act that would allow small businesses to offset new fees imposed on the SBA for the 7(a) loan
program. These fees hinder small businesses owners from receiving a start up loan. Last year the Bush administration increased these fees from $1,500 to $3,000.00.

What You Can Do to Support Small Businesses

* Contact Congresswoman Musgrave and tell her that her Nayvotes on both the amendment to restore the $79 million in the 7(a) loan program and the amendment lowering the fees for loan applications is unacceptable. Congresswoman Musgrave represents the people of Colorado on the Small Business Committee. Her votes represent that fact that she is out of touch with the needs of small business owners in Colorado.

CONTACT INFORMATION:

Rep. Marilyn Musgrave

1507 Longworth HOB

Washington, DC 20515

(202) 225-4676

* Tell your family, friends and neighbors about the Democrats
commitment to small business in our state and throughout our country.