CT BUSINESSES
Connecticut Needs to Be More Friendly to Small Businesses
By Marissa Peterson
Connecticut ranks among the least favorable states for small businesses, posing significant challenges for entrepreneurs. Nearly half of the state’s workforce is employed by small businesses, which are crucial to the economy and community spirit.
As a member of a family-owned ice cream business in Torrington, I’ve seen firsthand how small enterprises enhance community inclusivity. However, rising costs of ingredients and labor, alongside high taxes, make it difficult to maintain competitiveness. The burden of property and corporate income taxes further strains our finances.
The COVID-19 pandemic highlighted these struggles, revealing the need for better support systems for small businesses in Connecticut. Solutions such as simplifying the tax code, creating incentives for local sourcing, and offering low-interest loans could significantly alleviate these pressures.
Connecticut must recognize and address the specific needs of small businesses to foster a more inclusive and prosperous economy. For a deeper dive into these challenges and proposed solutions, read the full article
here.
