Regarding the July 26 letter “Creating your own venture capital”: State treasurer Janet Cowell proposed a new vehicle of investment, the Venture Multiplier Fund.
While this plan would benefit businesses across the state, innovation-focused businesses are not the only ones that need capital. Small businesses have provided 66 percent of all new jobs since the 1970s, and the number of small businesses increased by 49 percent since 1982.
The foundation of local economies is “Main Street” businesses like shops, restaurants, doctor’s offices and others. These businesses face barriers to accessing capital from major banks. Unfortunately, they are not the target for venture funds, yet their need and economic impact are great.
Venture capital serves the needs of a very small slice of the small business community. A strong economy needs to focus on the full spectrum of businesses in the state. Main Street businesses create jobs and generate wealth and are important community assets.
It’s time to expand the focus to include all small businesses, in order to ensure growth at all levels.
Lenwood V. Long Sr.
President/CEO, the Support Center