Since the 1930s, my family has owned Ohio Valley Steel Co. where I’m proud to say I have worked for the past 20 years. Located in Wheeling, West Virginia, we fabricate and build structural steel for small-to-medium size complex industrial projects and even office and lab facilities.
As the Chief Financial Officer, making the key financial decisions that keep the company operating smoothly isn’t always easy, but seeing a company grow and contribute to the local community has been an invaluable experience. After all, small businesses are responsible for 50 percent of all private sector jobs and are crucial to the nation’s economic recovery.
Like many businesses across the country, the economic downturn took its toll on our business and forced us to make some tough decisions. Though downsizing is the last thing any business wants, it became our reality. We took little comfort in the fact that companies just like ours were similarly impacted and many have been forced to act more as a broker for the products they used to make in their towns. This is not only bad for business, it’s bad for communities because they lose valuable manufacturing jobs.
During this difficult time, the loyalty and dedication of our 13 employees has been remarkable and they are more than deserving of the comprehensive health care benefits we offer. Now, as we begin to see signs of recovery and consider planning for a more prosperous future, the considerable uncertainty around health reform, and specifically the impending health insurance tax, has left us hesitant to hire new employees.
The truth is, we are more than eager to bounce back from the recession and contribute to our community’s economic recovery, but if the health insurance tax is assessed to businesses like mine, this could mean up to $500 a year in additional fees we’ll have to cover for each employee. Since there is no end date to this fee and it could potentially increase over time, determining a safe time is to expand and hire is almost impossible.
For a smaller company like us, Small Business Week is a time to reflect on just how far we’ve come and what improvements need to be made to take us into the next 80 or so years. But if Congress doesn’t act soon to repeal this onerous tax, the impact on the future of small businesses, and the communities they serve, could be devastating.
Erikka Storch
Chief Financial Officer
Ohio Valley Steel Company
Wheeling, West Virginia