Successes and challenges of small businesses highlighted in Delaware
When members of the US military are deployed in such “hot spots” as Iraq or Afghanistan, a product made by a Newark small business is used to help them determine whether a water supply is contaminated.
Congressman John Carney says ANP Technologies is an example of a thriving small business in this tough economy, and he’d like to see more of them develop.
Helping these and other companies negotiate the myriad of tax incentives, regulations and loan programs is the Small Business Administration, which joined Carney at ANP Technologies Monday to highlight some of the programs now at work, and priorities for the future.
Despite the recession, ANP Technologies Founder and Chef Technology Officer Dr. Ray Yin said the company continued with its growth plans and now has nearly three dozen employees.
“We felt it was the best time to get the smartest people, in-house, and we’ll try to develop more technology so once the market is ready, we’ll be ready to go,” Yin said.
Carney is looking to spread awareness about tax incentives available for small businesses. They include a two-year extension of the R-and-D tax credit, a credit of up to 35% of an employer’s costs toward their employee’s health care premiums, and a payroll and self-employment tax holiday of two-percent during 2011.
“If we’re going to compete around the world – and we do every single day, with China, India and the European nations – we’ve got to, as the President says, out-educate, out-innovate, and out-build the rest of the word. The R-and-D tax credit will help us to do that,” Carney said.
According to Carney, small business accounts for 70% of job growth, and jobs with small businesses are among those least likely to be outsourced.
Small Business Administration District Director Jayne Armstrong said the local office offers a wide range of counseling, financing and training opportunities.
“Small business is big business in Delaware,” she said. “Small businesses are the job-creators and the innovators.”
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