PHOTO CREDIT: FRAN HOGAN

Overview: Current economic development policies focus primarily on expansion through job growth. Measurement of success is based solely on numbers of new jobs. This leads to local and national policies that encourage and support big business exclusively. However, small business provides 85% of all job growth and accounts for 95% of all business in the nation. Yet economic policies do not support the small businesses in America. In fact, many of the policies created for big business create roadblocks for small businesses. The support of big business has led to the centralization of our economic power in a select few massive companies that compete unfairly with smaller businesses and isolate profi ts to the wealthy. The current pandemic has exacerbated the fault lines in economic development policies and practices by fully supporting big business while thousands of small businesses struggle. This struggle is not just felt by the business owners but by the 100 million employees dependent on small businesses. It is imperative that we refocus economic development not on the growth of big business but on retention of small businesses in every community in America. By directing resources and policies to small businesses building thriving local communities, we create a healthy sustainable economic ecosystem. This, in turn, builds a strong and resilient nation.