Supporting Small Businesses: Support the development and growth of small businesses.
Small businesses play an essential part in growing Minneapolis’ economy. Since 2014, small businesses have created two out of every three new jobs in the United States. Over 50 percent of the 44,106 businesses in Minneapolis have four or less employees. Small business and entrepreneurship create an opportunity to build wealth in communities of color. Having an entrepreneur in a family increases family wealth by 600 percent for a Black family and 400 percent for a Latino family. This presents a significant opportunity to align efforts to support small business growth and development and expand opportunities for people of color start and grow businesses.
The City will seek to accomplish the following action steps to support the development and growth of small businesses.
- Continue to enhance business technical assistance tools and programs to adapt to the changing needs of the business environment.
- Create opportunities for Minneapolis small businesses, prioritizing those owned by people of color, women and those with low incomes, to close the equity gap.
- Increase the participation of small businesses in City procurement contracting opportunities.
- Diversify business technical assistance tools and programs by creating niche-based programs.
- Coordinate with stakeholders to identify and improve opportunities to support small businesses.