Minnesota small businesses need more support from lawmakers

And the pressure is only growing.

Despite these headwinds, there are bold, effective solutions already underway. When we pair capital with assistance to improve financials, management, marketing and other business practices, small businesses don’t just survive — they grow, hire and lead transformation in their neighborhoods.

Two initiatives are audaciously leading the way. The GroundBreak Coalition, convened by the McKnight Foundation, is working to realign financial systems to create greater access to homeownership, business ownership and development. The state-funded PROMISE Act Grants and Loan Program is investing more than $100 million to support small businesses most affected by economic and social disruption.

These investments are helping businesses hire staff, expand operations and reach new customers, creating a foundation for long-term success. NDC and our community partners are honored to play roles in ensuring these resources reach small businesses in the Twin Cities.

At NDC, even without the additional resources, external studies show that our model has helped entrepreneurs achieve an average 10-year business lifespan and average annual income increases of $20,000-plus for entrepreneurs.

We know this works. And with support from ambitious initiatives like GroundBreak and PROMISE, the potential for impact is even greater.