The economic impact of COVID-19 and social distancing has been felt around the world. From the loss of millions of jobs to the closing of large and small businesses. However, the micro-business owner (less than five employees), has felt the greatest impact as they are more likely to be service related and dependent on many of the people who have been laid off, downsized, or furloughed. Small businesses are a major force in the U.S. economy.
There are more than thirty million small businesses in the United States and of that number 89% have fewer than 20 employees. Small businesses generate about 50% of our gross domestic product. Business ownership allows individuals, including women and minorities, to achieve financial success, as well as pride in their accomplishments.
Most of the funding in support of small businesses was designed for firms with more than 20 employees, so many micro-business owners had to result to other methods of survival or even close until the economy allows for reemergence.
In response to the devastation within the last few months, the Greater Ocala Community Development Corporation is seeking to raise $150,000 to give (30) $5,000 grants to micro-business owners in Ocala/Marion County Florida.
This will also create a network and platform where they can discuss issues unique to micro-businesses, brainstorm solutions, and share our best practices, which will ultimately lead to job creation for many displaced workers in our service area. So, to the business owners or entrepreneurs, the question is can you quit?