Small Business Struggles
Small businesses face challenges with high commercial rents, complex regulations, limited access to capital, and competition from large chains and online retailers, leading to reduced local entrepreneurship.
Ways to address it
3 approaches- Buy Local and Business Retention InitiativeLaunch buy local campaigns, provide marketing support for local businesses, create business loyalty programs, and establish policies that support local business retention and expansion over chain store development.
- Commercial District RevitalizationInvest in commercial area improvements, provide facade grants, organize business association support, implement parking solutions, and create events and marketing to drive customer traffic to local businesses.
- Small Business Support and Development ProgramProvide technical assistance, access to capital through loan funds, business mentoring programs, and reduced regulatory barriers to help small businesses start, grow, and compete effectively in the local market.