Milford chronicle., 1958-09-19
News From Candidate
Harry G. Haskell

would like to discuss with you
today some of the problems con-
fronting small business in Della
ware
One of the major problems in this
is the urgent need of certain small
businesses to acquire long term
loans for capital needs. This ses-
sion of the Congress did provide
some assistance in that area
through the introduction and pas
sage of the Small Business In
vestment Act of 1858.
You know, small businesses have
long been a major bulwark of our
economic system. The small busi-
nessman is historically and TYPICAL
ly American.
He is the embodiment of our
basic American concept of individ-
ual initiative, OF risk-taking in the
hope OF a reward, and of freedom
"of enterprise. Small businesses have
been built by the energy, the vision,
and courage of men and women
who want to make their own way
in America.
The small businessman fills
wide variety of needs in the de-
veloping economy that we have
today.
I have a basic faith and conf
dence in small business. l am vi
tally interested in, and / voted for.
the recent action of the Congress
to help small businesses. The Act
20 khn okot =
lishment Of privately owned small
business investment companies. The
government would provide finan-
cial assistance to help meet the
capital requirements of these new
Investment companies and also for
expansion of their operation. The
companies in turn would make
equity-type loans and extend long
term credit to small business con-
Germs.
have talked with bank officials
and civic leaders to explore this
possibility of putting into motion
here in Delaware the Small Busi-
ness Bill as passed by the Con-
gress.
Almost without faii, every finan-
cial person in Delaware that /
talked with told me that there is
very real need to provide addi-
tional long-term financing for
Small Businesses. These people
have also indicated to me that
this new measure can be of con-
siderable help in a critical area.
feel that local businessmen who
have a sense of concern for their
community, and experienced bank
ers who have the same feeling of
responsibility should organize and
operate a company which would
help fill the small business equity
loan gap.
Under this act, private capital of
$15O,000 can be matched by govern
ment funds OF an equal amount To
form the company. Then the gov
ernment will make additional funds
available up to so per cent of the
company's capital and surplus. The
operation of the company is re-
stricted to the making of small
business loans.
There are a number OF good
things which could result. not the
least of which would be the de-
velopment of additional local funds,
and the organization of civic-mind-
ed business leadership looking to-
wards the solution of our equity
loan shortage for small business.
Let us not be deceived by those
who say that big and small busi-
ness cannot exist together, nor by
the politicians who say or imply
that only complete government
domination of the economy can in
sure the progress of small busi-
ness. This is sheer nonsense. The
very wording. of this recent bill
makes 1t clear that there would be
no direct Federal investment in
any small business concern.
Small business will flourish in
America as long as there are men
and women of vision, people who
have ideas, people who have cOur-
age, people who risk. The only
thing that can spell doom for small
business, for ali business in fact, is
fear, fear which clouds our visions.
fear which STILES ideas, fear which
breeds timidity, fear which breeds
reluctance to take a chance.
We witnessed this type of thing
In the early part of last year.
when the opposition tried to con-
lure up a depression when one
didn't exist They tried to peddle a
package of gloom to the American
people. In so doing. they ran
the risk of creating a severe de-
preston by destroying the peo-
DIe's confidence.
These leaders of the opposition
lacked faith IL the basic soundness
of our economic system. They have.
always lacked faith in It These are
the leaders who believe that the
business of government is the con-
troll of business.
emphatically reject these dan
gerous ideas. / deplore the ten
dencv of some people who play fast
and loose with the peoples conf
dence and in turn with their pros
perity.
am confidents that small busi-
ness-that our whole economy
will prosper IL we have faith in 1t.
I feel that since the Federal
Government has seen fit to make
loans funds available for loans
to small businesses. 1t would be
too bad IL Delaware couldn't ex-
ercise leadership amongst the states.
in taking advantage of this oppor-
tunity. I will do what | can to see
that the small businessmen get the
helm they deserve. and from the
people I have talked to, Delaware