How are States Promoting Small Business Development?

02 May, 2013

A study commissioned by the U.S. Chamber of Commerce Foundation finds that states are using new and innovative policies to support small businesses in a diverse, rapidly changing business environment.  Enterprising States, which was prepared by the Praxis Strategy Group, says that although small businesses are leading the recovery, the right policies can move past recovery on to revitalization.

The study measures state performance overall and across five policy areas important for job growth and economic prosperity: exports and international trade; entrepreneurship and innovation; business climate; talent pipeline, and infrastructure.

The study also highlights specific policies and programs that states are implementing, often in cooperation with local and regional economic development organizations, to support business development and expansion. According to the study, state funding of programs for entrepreneurial development is estimated to have increased by 30 percent between 2012 and 2013.

“These governors recognize the importance of small businesses and are working to reform state policy to make growth and commerce easier for small business owners,” says Margaret Spellings, U.S. Chamber Foundation President. “By offering fast-track access to financial resources and state services and searching for innovative ways to encourage job creation through the private sector, they are helping to grow and sustain the true driving force of the economy.”

View the full study.

Illustration by pakorn at Free Digital

Compiled from U.S. Chamber of Commerce press release.

Related Posts