Without strong federal action, as many as 2 million small businesses will permanently close as a result of COVID-19.
The nation’s leading small business experts, including our very own CEO Luz Urrutia, joined forces to perform the most comprehensive analysis of small business policy ever undertaken in the US and with it, develop a 5-point plan for saving small businesses and rebuilding our Main Streets.
The five-step plan consists of:
- Forcefully respond to the COVID-19 crisis by providing grant and loan programs that are appropriately scoped.
- Unleash the entrepreneurial spirit of America by reducing barriers to entry, giving disadvantaged entrepreneurs the tools they need to succeed, and strengthening antitrust laws and enforcement.
- Build a financial system that works for Main Street by launching a new generation of federally-backed debt and equity products and strengthening community banks and nonprofit financial institutions.
- Harness the power of public and private procurement to help build wealth in minority communities.
- Have the federal government collect more and better data on the small business sector and rigorously evaluate programs for continuous improvement.
These five steps are further broken down into 10 policy recommendations and dozens of specific proposals.
You can read the full Big Ideas for Small Business report by visiting www.bigideasforsmallbusiness.org.
You can also read the official press release.