The Agenda for California's Entrepreneurs
Small Business Majority has created a comprehensive state policy agenda to ensure entrepreneurship remains at the center of a thriving and inclusive economy in California. California’s 3.9 million small businesses employ seven million people, which amounts to about half of the private workforce, according to the U.S. Small Business Administration.
Despite their importance to the state’s economy, California’s small businesses have been greatly impacted by the COVID-19 crisis and have struggled to access the financing and tools they need to weather storm. This is particularly true for the smallest businesses and those owned by people of color, women and immigrants. Recent polling from Small Business Majority found 60% of small business owners in California who laid of employees have yet to restore their headcounts to pre-pandemic levels, and nearly 1 in 5 entrepreneurs of color (17%) said they are likely to close their businesses in the next few months.
This is why it’s critical that state lawmakers enact policies to support and empower these entrepreneurs, guaranteeing they have access to capital to start and grow their business, affordable and quality healthcare and the ability to compete for top talent with larger companies. To achieve these goals, policymakers should consider the following policy proposals.