SMALL BUSINESS: RAIMONDO HAS CUT TAXES, CUT REGULATIONS, CUT RED TAPE

Fung Facts: Mayor Fung Ignored Cranston’s Small Business While Chasing Big Box Stores and Chain Restaurants

PROVIDENCE, RI – After spending the last decade mostly focused on big box stores and chain restaurants, Allan Fung today – less than six weeks before the election – discovered small businesses. Fortunately for Cranston business owners, Governor Raimondo has been focused on strengthening the economy so every Rhode Islander – and every Rhode Island business, no matter how big or small – has a shot to compete.

Under Governor Raimondo’s leadership, the state has eliminated thousands of pages of regulations and fees, including the chair fee barbers and hairdressers had to pay and zoning requirements for cosmetologists. Raimondo has also cut the unemployment insurance tax businesses pay, saving the average small business with five employees more than $640 each year.

“Governor Raimondo is bringing the change to Rhode Island that small businesses need. She created the state’s first small business loan program, and she’s cut taxes, cut regulations, and cut red tape. Under her leadership and with support from small business owners, Rhode Island’s unemployment rate is the lowest it’s been in nearly 20 years and the state’s economy is the 17th best in the nation,” said Raimondo Campaign Senior Advisor Mike Raia. “For 10 years as mayor, Allan Fung ignored Cranston’s small businesses, local retailers and neighborhood restaurants while he chased big box stores, chain restaurants, and even 38 Studios.”

Raimondo created the state’s first small business loan program and established the Innovation Voucher program that provides small employers with access to R&D funding. Since she’s been Governor, Rhode Island has cut thousands of pages of regulation. She’s spearheaded the effort to modernize permitting process.

“Local businesses have grown thanks to Governor Raimondo’s job training programs, Commerce initiatives, and her tireless work to eliminate barriers to business,” Raia added. “Allan Fung has promised to gut Rhode Island’s successful economic development programs, including the small business assistance program Governor Raimondo created. Allan Fung’s promising that his administration will hurt small business owners, their families and their employees.”

Raimondo’s Small Business Accomplishments

• Rhode Island launched the nation’s first statewide 10,000 Small Businesses program. To date, more than 100 businesses have completed or enrolled in the program. [Providence Business News, 12/21/17]

• Office of the Governor of Rhode Island, Press Release, 6/12/17]

• In December 2017, Raimondo cut Rhode Island’s unemployment insurance tax for the second year in a row, saving businesses another $10 million, due to Rhode Island’ growing economy.» [Office of the Governor of Rhode Island, Press Release, 12/6/17]

• Raimondo streamlined the process to open a business in the state by reducing fees and required forms. [Office of the Governor of Rhode Island, Press Release, 1/24/18]

• Raimondo announced Supply RI, a new initiative to incentivize employers to buy more goods and services in-state [Providence Journal, 1/23/18]

• In 2015, Raimondo signed legislation dropping the state’s sales tax on commercial energy use. [Providence Journal, 10/15/15]

• Raimondo’s Innovation Vouchers were praised by Chief Executive Magazine for providing incentives for companies with fewer than 500 employees. [Chief Executive, 5/15/18]

• As of April 2018, the Raimondo administration had awarded more than $2.3 million to 50 Innovation Voucher small business recipients. [State of Rhode Island, 4/28/18]