The United States is home to half of the country’s workforce, all employed by small businesses. Small businesses are the backbone of the economy, with over 640,000 located in Maryland alone. During National Small Business Week, we celebrate and support these vital local enterprises.
Senior Advisor Rhett Buttle has identified access to capital as one of the biggest challenges faced by new entrepreneurs. To ensure stability and growth in their first five years, small businesses need financial support through loans or grants. The U.S Chamber of Commerce recommends having three to six months’ worth of cash on hand for financial stability.
Healthcare costs are another significant challenge for small businesses, with approximately 62% not offering health insurance due to costs. However, small businesses can still provide benefits such as flexibility and community for their employees. Buttle emphasizes the importance of policymakers adjusting tax reforms to help small business owners, including rolling back tax cuts for corporations and doubling startup deductions.
Small businesses are calling for a level playing field to compete, invest in communities, hire more people, and grow their businesses. Supporting local entrepreneurs is as simple as making a conscious decision to shop at small businesses on Main Street. While online shopping may be convenient, visiting local businesses is crucial in showing support and fostering economic growth.
