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If a walk down your local Main Street doesn't tell you that small businesses are hurting, the data will: The number of open small businesses has decreased by a third since January of 2020, according to Harvard University’s Opportunity Insights Economic Tracker.
Any small-business recovery is going to depend largely on the speed of vaccine distribution, the ability of entrepreneurs to think creatively, and the availability of appropriate financing to support them. Entrepreneurial ingenuity is rarely in short supply, and a new presidential administration and Congress mean a fresh set of eyes for the other two variables. With that in mind, Inc. has compiled a list of seven initiatives to help small companies regain their status as a force for job creation.
For example: Many entrepreneurs aren't comfortable taking on more debt right now, no matter how generous the repayment terms. They need grants to help them through the winter and spring. As crushing as the pandemic is, it's not going to last forever. If you had a good business in 2019, you should have the opportunity to have a good business sometime in 2021, too. A combination of debt forgiveness and grants for microbusinesses could help get you through the next few months. And the country’s network of community development financial institutions, or CDFIs, are already well-positioned to distribute such small grants, particularly for the smallest businesses.
Read our story to learn the seven policy initiatives that could save American small businesses and help spur a faster, stronger economic recovery. |
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