Toomey's Take: Helping Small Business Will Help Pennsylvania

Starting a new business is a risky thing to do. Back in 1990, two of my brothers and I started our own chain of restaurants in Allentown, Pennsylvania. We used our own savings to fund the start-up costs and worked day and night to get the business off the ground. If we were successful, we would enjoy a profit. But if our business failed, we would suffer all the losses.

In the end, we managed to make a go of it. We started with a 1950s themed restaurant and expanded with two sports-themed eateries. Over time, we created over 1,000 jobs in the Allentown and Lancaster region, and I still meet people who tell me how much they loved watching Phillies games at Rookies.

It has been two decades since my brothers and I first opened our doors, and I continue to look back on that time with a sense of pride and accomplishment. Unfortunately, in this economic climate, it is becoming increasingly difficult for entrepreneurs to open their own businesses. Many hardworking, creative Americans are deterred by the long list of burdensome regulations and economic uncertainties that have become all too familiar over the past three years.

Take for example, President Obama's repeated threats of new and higher taxes. With higher taxes, small business owners will still bear all the losses of failure but will be forced to share an increasing portion of their potential profits with Uncle Sam. Given the risks, some simply choose not to build.

But our economic recovery depends on these job creators and entrepreneurs. These small businesses and start-ups will hire our unemployed workers and jump-start our stagnant economy.

My own experience as a small businessman taught me about the unique struggles, uncertainties and risks involved in starting one's own business. Because of this, I have come to appreciate the important role government can play in creating an environment where businesses can thrive, expand and hire new workers. Now, I have taken these lessons with me to Washington.

For this reason, I have recently introduced bipartisan legislation - the Small Company Capital Formation Act - to reduce regulatory burdens on burgeoning small businesses and make it easier for them to access the capital they need to grow and hire. Access to capital enables businesses to expand and create new jobs. In fact, 90 percent of all job growth occurs when a young, small business raises capital for growth.

I am also supporting legislation to reduce regulations in this time of economic hardship. For example, I am co-sponsoring legislation that would place a moratorium on new federal regulations with an economic impact exceeding $100 million until the unemployment rate falls below 7.7 percent.

The reality is: When we make it easier for Pennsylvania businesses to thrive, Pennsylvania will thrive.

When my brothers and I started our business back in 1990, we encountered obstacles we never anticipated, many the result of government red tape. Since then, the number and scope of regulations have grown dramatically. We need to make it easier for small business owners and job creators to take the risks necessary to grow their companies - not harder. Right now, we have a unique opportunity to create an even stronger America by enabling hardworking job creators and small business owners to succeed. We should not let this opportunity go to waste.