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Small Business Administrator Linda McMahon visits Forest Park business

Posted at 5:02 PM, Sep 21, 2017
and last updated 2017-09-21 17:02:36-04

CINCINNATI -- A member of Trump’s Cabinet came to town in an effort to help small businesses foster economic growth.

Linda McMahon, administrator of the Small Business Administration, talked to the owner of a Forest Park business Thursday about concerns over loans, regulations and taxes.

Founded in 1978, Faxon Machining has 130 employees who produce products for multiple industries including aerospace, energy, defense, automotive, general machining and firearms, Vice President Bob Faxon said.

Faxon is responsible for navigating challenges such as raising capital, steel prices, trade agreements and regulations.

“It's not a merry-go-round. It's a roller coaster,” he said.

Faxon has used the Small Business Administration for financial growth because he says it’s often easier than going through a bank.

But he feel improvements could be made; Faxon said he would like to see the rules change to allow loans of over $5 million.

“They have a cap on how much they can loan a small business, and I think that has not been adjusted adequately for today's requirements,” Faxon said.

McMahon said she’s heard business owners talk about the loan cap before.

“It's not the first place I've heard it that, ‘We would like to see the cap raised,’ and it is something we're considering,” McMahon said.

Faxon said he’s also concerned with competing with foreign countries on the world’s open market.

“If we can't buy steel economically, we can't make steel parts economically,” Faxon said. “It starts with trade agreements.”

McMahon stressed that President Trump is calling this the “Golden Age of Entrepreneurship.”

“We're going to create that environment because government doesn't create jobs, but they can surely kill jobs with over regulation and poor tax policy,” she said.

Faxon hopes the company will grow 10 percent in 2018, and some of that may come from Small Business Administration policies.