The BSO network has some key characteristics:. It is important to have an organization with resources to convene and nurture the BSOs as a network, and, in turn, allow that network to take care of the microbusinesses in need of support and resources to grow.
Too often, BSOs operate without adequate resources or in isolation, which limits their impact. We need to figure out how to better elevate this segment of small businesses as well as the conversation about them. Allocating resources and doing more data-driven work to better understand their plight will put more microbusinesses on a trajectory of growth, and move them from micro to small and beyond. Skip to content TOP. Brookings Institution, Metropolitan Policy Program blog: How to include microbusinesses in economic growth strategies.
Back to Blog. Understand microbusinesses, what barriers they face, and how to support their growth When Benkari wanted to expand its plumbing and construction services, it faced limited access to credit through traditional channels. Others include: Little or no family investment or social network-based investment Inability to access public dollars such as Small Business Administration loans Higher insurance costs Public safety concerns and underinvested infrastructure Lack of a professional network Workforce challenges When we surveyed microbusinesses in metropolitan Detroit, we found that community economic developers need to create strategies to engage with and support underserved microbusinesses—something that takes intentional work.
Build and boost a support network to help microbusinesses grow Communities that want to support microbusinesses should consider these types of supports essential: Access to affordable capital through microfinance organizations and community development financial institutions. Practical assistance to provide expertise around marketing, legal issues, real estate, accounting, and other areas of business operations. Expert coaching and mentoring from those who understand the nuances of microbusiness challenges and opportunities.
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These include policies that temporarily halted fines and fees collections, which disproportionately impact Black and Latino or Hispanic communities.
Fees are often used as a surcharge […]. A bi-weekly newsletter providing economic development solutions for metropolitan areas from Brookings Metro. Informing local and state recovery strategies in ways that link near-term resilience to longer-term economic transformation, racial equity, and economic inclusion. Learn more here. In a new interactive analysis, Mark Muro and Sifan Liu examine the location and concentration of AI technology creation and business activity in U.
AI capacity levels in the … metro area. We believe every community can be prosperous, just, and resilient — no matter its starting point. Around the halls: Built environment issues that could define Dr. Newsha K. Jan Whittington. Inequitable fines and fees hurt vulnerable communities.
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