Small Businesses are key---innovation is key to continued recovery through COVID

Investors, Small Businesses Need Your Backing to Drive the Economy Forward

In the middle of a global pandemic, , and investing in small businesses has become crucial for the economy to recover. While the Small Business Administration is now offering a  to entrepreneurs, many are still having a hard time finding the funds they need.

According to Small Business Majority, most small businesses have received a  in 2020, but  with overhead costs.

And in a recent survey from Guidant Financial and the Small Business Trends Alliance, the lack of capital or cash as their top challenge in 2020.

Despite a shortage of capital, small businesses have and will continue to drive economic recovery and job growth in the United States. In fact, small businesses represent more than of the nation’s private-sector workforce. And small business job creation often outperforms that of big businesses.

A healthy small business community is crucial to driving the economy forward. To boost small businesses’ bottom lines, investors need to ensure entrepreneurs have the capital they .

Entrepreneurs Drive Economic Recovery Through Innovation

Entrepreneurs generate more jobs than any other sector of the economy. However, we’re living in an evolving employment landscape. Brick-and-mortar storefronts are being replaced by online retailers, and freelancers are the new version of the nine-to-five office worker.

Many workers are utilizing emerging technology to leave the traditional workforce. Small businesses and the self-employed are leading this movement. In 2019,  made it easier for them to find freelance work.

The freelance economy is growing and driving economic recovery by  in a way that has never been available before. In fact, independent workers currently represent more than one-third of working Americans. The total number of freelancers in the , an increase of 4 million since 2014. Indeed, by 2030, freelancers could represent up to 80% of the global workforce.

What’s more, entrepreneurs open more than , with half of these lasting past five years.

These entrepreneurs are changing the workforce. However, they still experience many traditional barriers when it comes to accessing credit, and COVID-19 has only heightened their need. While these barriers can prevent many entrepreneurs from driving economic recovery forward, private investors can help.