The administrator of the Small Business Administration, or SBA is in Fargo today.
Linda McMahon is visiting North Dakota's SBA district office, as well as visiting with small business owners about issues that are affecting them. She says she wants to know how the SBA can be more helpful in assisting them with getting more access to capital, networking and mentoring so they can grow their businesses. McMahon says small business owners across the country are feeling optimistic right now due to the new tax law and the state of the economy.
"Tax cuts have really been beneficial. Most small businesses I talk to say they will put those tax savings right back into their businesses. And you know, for one thing, it will allow the tax write-off that's part of the new tax regulations allowing businesses to buy equipment they might have put off. A baker in Braintree, Massachussetts told me he would be able to buy a new oven - which is about a million and a half dollars - to expand his plant and hire more people."
Another thing McMahon says she's hearing from small businesses is the issue of a shortage of a skilled workforce. She says SBA is currently working with the Department of Education and Department of Labor to collaborate on curriculums to prepare students to enter the workforce.
McMahon visited and toured several small businesses in Fargo as well, including Spectrum Aeromed. She says the new US-Mexico-Canada Trade Agreement, or USMCA, will be helpful for businesses like Spectrum.
"When I was just speaking with the CEO here at Spectrum Aeromed, he was just saying the protection of intellectual property is a big issue for them. So in this agreement, one of the things specifically gives that kind of protection. The first trade agreement that actually has a paragraph built in to protect intellectual property. I think that's going to be used as the template now for other negotiations that go forward."
McMahon says because North Dakota is a big export state, the USMCA will allow the state to export its products like crude oil, dairy products and agricultural products with either reduced tariffs or no tariffs at all.
McMahon is also visiting various small businesses in downtown Fargo.