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  • Writer's pictureJessica Lauver

The Unexpected Upsurge: How Small Businesses are Driving the U.S. Economy in a Pandemic Era

Recent reports indicate a significant increase in startup registrations, which are currently 42% ahead of 2019 levels. Despite the economic turmoil triggered by the pandemic, entrepreneurs have managed to discover new opportunities for growth and innovation.

The rapid transition towards remote work and e-commerce, necessitated by the pandemic, has lowered the entry barriers for many aspiring small business owners. The rise of the stay-at-home economy has resulted in the creation of numerous new business avenues, ranging from food delivery services to human resources consulting.

Small businesses, constituting 99.9% of all U.S. businesses, have always been the backbone of the U.S. economy. However, their vital role has been underscored during this period of global uncertainty. Even amidst the devastation caused by the pandemic, with 34% of small businesses reported as closed as of May 2021, the resilience of the sector has been strikingly apparent.

The White House recently drew attention to this "small business boom", attributing the strong and equitable recovery of the economy to the growth of these enterprises.

Microbusinesses, in particular, have witnessed substantial growth during this period. Their development presents an opportunity to support small business development more equitably and nurture budding entrepreneurs, especially in underserved communities.

As we move forward, it's crucial that we continue to support small businesses and foster an environment that encourages entrepreneurial innovation. The pandemic has demonstrated that even in times of crisis, small businesses are not only resilient but can also be key drivers of economic recovery and growth.

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