Month: January 2025

Small Business and Entrepreneurship in the US After COVID

According to this report issued by the US Department of the Treasury in September 2024, small businesses are thriving in the post-pandemic economy and playing an even bigger role in job creation than before. Since 2019, they’ve generated over 70% of net new jobs, with entrepreneurship surging—averaging 430,000 new business applications per month in 2024, a 50% increase from 2019. Business optimism is on the rise as inflation concerns ease, and more small business owners expect revenue growth in the coming year. Importantly, entrepreneurship is becoming more diverse, with record numbers of women and minority business owners entering the space.

However, challenges remain, particularly in securing credit, as lending conditions remain tight. Despite these hurdles, the data suggests that now is an especially good time to start and grow a small business in the U.S., with strong policy support and a resilient economic outlook.

How Trump’s First 100 Days in Office May Impact Small Business

President Trump’s first 100 days in office for his second term are expected to impact small businesses through trade tariffs, tax reforms, immigration policies, and deregulation.

These measures present opportunities such as lower tax rates and reduced regulatory costs but also challenges like higher costs from tariffs, labor shortages, and potential supply chain disruptions. To read more, check out this article from Inc.

Supporting Small Businesses Still Recovering After Helene

As news outlets focus on the tragic fires in Southern California, showcasing the heartbreaking destruction of residential and commercial properties, it’s crucial to remember that tragedy also struck Western North Carolina and Eastern Tennessee this fall. Businesses, homes, and critical infrastructure like roads, water, and electricity were lost.

While one disaster is not “worse” than the other, it’s important to recognize that the devastation felt by residents and small business owners in these areas endures long after the headlines fade.

If you’re based in or know others in Western North Carolina or Eastern Tennessee, here’s a list of resources that may provide help to those affected.

For those outside the area who want to lend a hand, consider “shopping local” to support small businesses recovering from this disaster. Your purchases can make a significant difference in helping these communities rebuild.

Entrepreneurship Can Be A Pathway Out of Poverty with the Right Support

In this article, Michael H. Morris, Professor in the Keough School of Global Affairs at the University of Notre Dame, highlights how entrepreneurship can help alleviate poverty by providing people with valuable skills and creating jobs, stability, and community benefits. Success for poor entrepreneurs doesn’t have to mean massive profits; even small ventures can improve lives and reduce poverty. With the right support—like training and mentorship—entrepreneurship can be a powerful tool for breaking the cycle of economic disadvantage. Check out the article to read more about Professor Morris’ thoughts.