Breaking Barriers: Celebrating and Supporting the Challenges of Small Businesses in Maryland

In the United States, about half of the country’s workforce is employed by small businesses. These businesses are the backbone of the economy, with more than 640,000 located across the state of Maryland. During National Small Business Week, we celebrate and support these local businesses that face numerous challenges in their first years of operation.

One of the significant challenges faced by new entrepreneurs is access to capital. Financial stability and growth are crucial for small businesses to succeed, and the U.S Chamber of Commerce recommends having three to six months’ worth of cash on hand. Rhett Buttle, Senior Advisor, emphasizes that policymakers should adjust tax reforms to help small business owners. For example, rolling back tax cuts for corporations and doubling startup deductions can go a long way in providing financial support to small businesses.

Another challenge faced by small businesses is healthcare costs. Approximately 62 percent of small businesses do not offer health insurance due to costs. However, there are other benefits that small businesses can offer their employees, such as flexibility and community. Buttle stresses the importance of policymakers addressing this issue by implementing policies that make healthcare more affordable for small business owners and their employees.

Small businesses are calling for a level playing field to compete with larger corporations and invest in their communities. Supporting local entrepreneurs can be as simple as making a conscious decision to shop at small businesses on Main Street. Despite the convenience of online shopping, visiting local businesses is essential in showing support for these vital members of our community.

In conclusion, National Small Business Week is an opportunity to celebrate and support local businesses that contribute significantly to our economy’s growth and stability. By addressing issues such as access to capital, healthcare costs, and policy reforms that benefit small business owners, we can help these companies thrive and grow while creating jobs and strengthening our communities.