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The Road to Recovery
The Road to Recovery for Small Businesses Across America
By Judy Toland, VP & Head of Scaled Solutions, Global Business Marketing, Facebook
The past twelve months have been harrowing for small businesses across the country. While there are promising headlines, our country’s Main Streets continue to face uncertainty. The good news is that small businesses and entrepreneurs have displayed resilience and optimism during these challenging times.
Facebook is in the business of small business and has a variety of tools and resources to help small businesses grow. Last month, Facebook, in partnership with the Small Business Roundtable, published the 2021 Global State of Small Business Report which highlights the many challenges facing small businesses. Its key finding was that in the US, 22% of SMBs reported they were closed in February 2021, an increase from 14% in October 2020. While we know the pandemic has affected all businesses, it hasn’t affected them equally. 32% of minority-led small businesses reported reduced employment since the start of the pandemic, compared to 25% of other SMBs. The report makes it clear that minority-led businesses have been uniquely impacted.
It’s because of this reality that I’m particularly proud to lead Facebook Elevate, a community and learning platform, which helps Black, Latinx & Hispanic business owners and communities realize their own unique visions of success and growth. With mentorship circles, workshops, live events and more, business owners can find resources, training and tools to accelerate growth for their businesses. Learn more.
In recognition of Asian American and Pacific Islander Heritage Month, Facebook is hosting events throughout the week of May 17 to discuss the inequities facing the AAPI community and provide training and advice for AAPI-owned SMBs around the country. The full programming schedule and resource list can be found online here.
Small businesses are at the heart of my family’s history, so this is personal for me. Both my grandfathers were small business owners. My mother’s father owned Charlie Lawrence’s Coal and Ice in the Rush City neighborhood of East St. Louis, Illinois in the mid to late 1940s. His work supplying heavy chunks of ice for iceboxes and coal for furnaces was one of the occupations he leveraged to put twelve kids through college, my mother among them. My father’s father owned Statum Cleaners in Oklahoma City, Oklahoma. Their hard work in the face of adversity helped define who I am. And I want to carry that spirit forward through the work I do at Facebook helping SMBs weather this storm.
Over the last year, I have been so inspired by the resilience of small businesses across America. While the road to recovery may be uncertain, it is the strength of America’s entrepreneurs that get us past this moment, and to a more secure future.
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