Staff Writer
PRESQUE ISLE, Maine – Sixteen area small business leaders joined U.S. Sen. Olympia J. Snowe (R-Maine) last Thursday for an informal discussion on the challenges facing small business owners and investors in today’s economy. The Business Roundtable was held in the boardroom of Maine Mutual Group in Presque Isle with Snowe, who is the ranking member of the Senate Committee on Small Business and Entrepreneurship.
“I think it’s extremely worthwhile to have a diverse group of individuals tell me what we’re doing right in Washington and what we could be doing better,” said Snowe. “At the federal level, we passed the Stimulus plan, which I thought was important to jumpstart the economy, which is the worst it has been since the Great Depression.
“It’s pivotal that we take a proactive approach,” she said. “Small business is the key to turning things around. You are the unsung heroes because you are the only ones creating jobs. We need to buttress the role of small businesses.”
Cathy Beaulieu, owner of Wilder’s Jewelry Store and president of the Presque Isle Downtown Revitalization Committee, said it’s a “daunting task” staying open in today’s business climate.
“I’m forced to sell things that we wouldn’t normally sell, and I’ve had to let some of my employees go,” she said. “I should be breathing easier, but it’s scary.
“I feel some obligation to the community,” said Beaulieu. “The store opened in 1932 during the Great Depression. If he could stay with it, so can I. It’s tough though. Health insurance is more than a house payment. Something’s got to give.”
Snowe said she not only appreciated but sympathized with Beaulieu’s challenges.
“We have to rebuild consumer confidence … that has to be our overriding goal,” she said. “We’ve got to try to put the brakes on in having this economy get any worse. We can do that by infusing money and get the lines of credit working.”
Jon Prescott, president of Katahdin Trust Co., said while times are clearly tough, he’s seen some bright spots along the way.
“I applaud you [for supporting the Stimulus plan],” he told Snowe. “I really believe it’s the way to lift the economy. I think we have a strong pipeline, and I see some brightness at the end of the tunnel.
“There are certain businesses that are expanding, and there are projects on the table that need financing,” said Prescott. “They are coming to us with viable options, and I haven’t seen a lot of people refinancing their loans.”
Scott Carlin, who owns three local IGA stores, told Snowe the passport issue is one he hears about frequently.
“For Mr. and Mrs. Canadian customer, the issue of passports almost becomes a tax,” he said. “Every day I hear from them, and 7-8 percent of my business is from over there. I hope when people have to use their passports starting this summer, it won’t affect my business.”
While reminding people that the passport issue is a matter of safety, Snowe acknowledged the plan makes it “infinitely more difficult” to do business between the U.S. and Canada.
After additional discussion ranging from Visas, Empowerment Zone legislation, mill closures and renewable energy, Snowe thanked those in attendance and pledged her continuing support for small businesses in the state.
“I know these are trying times,” she said. “It’s like someone pulled a thread and everything unraveled, but I believe we’ll get through it. I thank all of you for taking the time to come out and share your concerns with me. It’s important to check the pulse of the economy with the people who are on the front lines. I will do my part to move heaven and earth to turn things around.”
Snowe has held similar roundtable discussions in Bangor and Portland.
