Small Business Employees Get Helping Hand from Tate

 

Denver—Today, the governor signed Senator Jack Tate's (R-Centennial) bill creating a pathway to lasting wealth for struggling Coloradans. 

House Bill 17-1214 provides a unique, commonsense path to small business ownership and longterm prosperity by promoting increased employee participation and ownership. 

While many small businesses are forced to close their doors for various circumstances, employee owned businesses are 25 percent more likely to stay in business, with their employees accruing roughly double the retirement savings of their peers. 

Employee owned businesses tend to see greater job growth, faster overall growth, and lower rates of lay-offs and severance. 

"Struggling and low-income communities may find that this approach solves many of their unique challenges like accessing capital, small business ownership transitions, and overcoming barriers to job entry," said Tate. "By providing a mechanism for more Coloradans, regardless of background, to take ownership of their future, we can help more folks access a pathway to a more prosperous economic future." 

The bill takes effect September 1, 2017.

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