Small Businesses as Economic Drivers

Small businesses are foundational to the growth and prosperity of local communities and a cornerstone of the American economy. Small businesses drive innovation, job creation, and economic growth. According to the Fed's "2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey," small businesses continue to face challenges including increased operating expenses, attracting and retaining qualified talent, and access to credit. This FedTalk program will feature a discussion among Fed researchers and community leaders on current growth trends versus decline in small businesses, barriers to financing, talent strategies, and resources and support available to business owners.