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Illinois Small Business Owner Highlight
As the owner of a catering company, Nicole Jordan has seen an extreme decline in contracts and income since the start of the COVID-19 pandemic. Fortunately for this Illinois-based small business owner, as a former banker she is well connected to the financial resources in her community.
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Many small businesses are still seeking capital on their road to recovery, particularly as recent changes have limited their access to government funding for programs like the Employee Retention Credit (ERC) and the Economic Injury Disaster Loan (EIDL) program.
Policymakers at all levels, from town councils to the halls of Capitol Hill, emphasize the challenges of small businesses as a key talking point during political debates. But new opinion polling in four states—Illinois, Missouri, Virginia and Wisconsin—reveals small businesses feel their government officials don’t actually understand their challenges, and they support a wide array of policies to address their needs, some of which might come as a surprise to their elected officials.
This Chicago-based research explores issues related to small business workforce development, particularly for business owners of color located in low- and moderate-income communities. Small Business Majority interviewed and convened local small business owners and business service organizations for roundtable discussions during a six-month research project to learn about key challenges in hiring and managing employees. Overall, the research indicates that small business owners have limited capacity and resources to improve workforce management.
The economy is improving, but Illinois small business owners and their employees are facing another financial hurdle: retirement security. The U.S. currently suffers from a retirement savings gap of more than $6 trillion, and more than 38 million households do not have any retirement savings at all. Illinois small business owners and their workers are no exception.
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