Small Businesses Amidst Political Shifts: Resilience and Support from Unexpected Sources
In the wake of changes within the Trump administration, marginalized groups, including small business owners and entrepreneurs, are understandably concerned about the potential impact on their endeavors. However, experts remain optimistic, emphasizing the enduring need for small businesses and highlighting the emerging support from local and state governments.
Jonathan Lovitz, former senior advisor for the Biden administration, asserts that regardless of political leadership, small businesses require access to capital, opportunities for growth, and a favorable business environment. Despite political tensions, Lovitz believes that both parties recognize the critical role small businesses play in the U.S. economy, accounting for 99.9% of all firms and serving as the nation's primary job creators.
While federal support for underrepresented communities may diminish, Lovitz encourages business owners to turn to local and state governments for new initiatives and assistance. He points to initiatives such as Pennsylvania Governor Josh Shapiro's 2023 executive order prioritizing small and minority-owned businesses in government contracts.
Lovitz highlights the resilience and strength of LGBTQ+ business owners, emphasizing the community support and innovative spirit that have enabled them to thrive in the past. He notes that LGBTQ+ business owners represent a significant market and that it would be counterproductive to harm their economic potential.
Despite potential political challenges, Lovitz believes the coming years can foster continued growth and prosperity for small business owners. He encourages businesses to seek local support and leverage state and local opportunities.
"I've never been more optimistic about the future," Lovitz says. "Even amidst uncertainty, the cream rises to the top. Now is the time to build connections and collaborate, because when we work together, nothing is impossible."