President Biden Promotes Small Business Support Plan During Visit to Wisconsin
President Joe Biden visited Wisconsin to highlight his plan to support small businesses, acknowledging the challenges they face, particularly during the pandemic. The U.S. Small Business Administration revealed statistics on small business closures and job impact in Wisconsin. Additionally, the focus on minority-owned businesses and initiatives aimed at promoting diversity and inclusion in the entrepreneurial landscape were discussed.
Small Business Challenges:
Approximately 3% of all small business establishments in Wisconsin closed from March 2021 to March 2022.
Despite closures, there was a net increase of about 66,000 jobs, reflecting the dynamic nature of the small business landscape.
President Biden’s Small Business Support Plan:
President Biden’s visit aimed to tout his plan for supporting small businesses, emphasizing the importance of their role in economic recovery.
Impact on Minority-Owned Businesses:
The Metropolitan Milwaukee Association of Commerce reported that less than 10% of tracked small businesses in the city are minority-owned.
Efforts are being made to inspire more people of color to become entrepreneurs, recognizing the importance of diversity in fostering economic growth.
Initiatives for Diversity and Inclusion:
The Main Street Bounce Back Stimulus Program, distributing about $36 million to over 4,000 businesses, aims to support entrepreneurship and economic recovery.
The Metropolitan Milwaukee Association of Commerce has launched initiatives promoting diversity and inclusion, with over 130 companies pledging to increase the representation of black and brown talent by 25% over five years.
Equal Distribution of Resources:
Initiatives are framed as an equal distribution of resources, with a focus on providing opportunities for all individuals, regardless of background.
President Biden’s visit to Wisconsin underscores the importance of small businesses in the nation’s economic recovery. Efforts to address challenges faced by minority-owned businesses and promote diversity in entrepreneurship are highlighted as critical components of fostering an inclusive and thriving business environment. The initiatives discussed aim to provide support, resources, and equal opportunities for entrepreneurs from diverse backgrounds.