Guest column: Small businesses empower Florida’s future
Florida is known for its longstanding history as a business-friendly state, thanks to leadership that values an empowered small business community. The pandemic has offered unprecedented challenges to Florida’s economy, yet our economic momentum has continued due to Florida job creators, Governor Ron DeSantis and legislative leaders.
With over 2.5 million small businesses in Florida, we all have a great responsibility to support small businesses beyond the pandemic, prioritizing small business access to necessary capital, technical support and long-term resiliency programs are essential to continue propelling the state forward.
In today’s economy, local businesses create nearly three out of four new jobs and contribute roughly 44 percent of the state’s entire GDP. During July of this year, Florida jumped from the 17th largest economy in the world to the 15th largest. And this past month, Florida’s job growth rate was three times faster than the country.
As we look toward the future, one of the many ways we can continue to support small businesses in their effort to create jobs is to ensure they have access to the workforce and talent necessary to spur innovation and drive Florida’s economy. According to the Florida Chamber Foundation’s recent Workforce Needs Report, an additional 2 million jobs are required to fuel our economy forward.
Florida’s future will be defined by how we support local businesses today and how we empower them to grow beyond their community.
While the private sector can’t solve all these problems by themselves, they can help. For example, companies like Wells Fargo have launched their Open for Business Fund, which provides support for Community Development Financial Institutions (CDFIs) and other nonprofit organizations that serve diverse small businesses, with a focus on minority entrepreneurs. This fund will provide help in three critical areas: access to capital, technical assistance and providing recovery and resilience programs.
Local non-profits around the state have also stepped up to make capital accessible, connect talent to open jobs and ensure small businesses have the resources they need.
Florida remains open for business and we should continue to ensure job creators have the tools needed to grow. When businesses are supported, they have the power to better service customers and create more jobs. This ripple creates positive movement in our economy, creating economic momentum.
With each ripple, the wave of opportunity grows, creating a bustling economy and an enjoyable place to live. Curating this climate, where businesses can develop and grow, will help Florida remain a leader in economic growth today and into the future.
Carolyn Johnson is the Senior Director of Business, Innovation & Economic Development Policy and staff liaison to the Small Business Council at the Florida Chamber of Commerce.
This article originally appeared on Florida Times-Union: Guest column: Small businesses empower Florida’s future