8 Good Things Small Businesses Can Celebrate This Week

Welcome back to Small Business Straight Talk, a weekly newsletter covering small business topics and highlighting the best small business resources. I am the editor of CO— by the U.S. Chamber of Commerce. You can sign up for CO—’s newsletter here and follow us on LinkedIn here. 

It’s time for a little good news break, don’t you think? Despite all the struggles small businesses have faced over the past few months, the clouds are starting to part and small businesses are seeing some bright spots. Here’s a round up of some things small businesses can celebrate this week. 

The SBA has started taking Economic Injury Disaster Loan (EIDL) applications again

After initially opening up applications to a wide variety of small businesses, the SBA limited eligibility for EIDL loans to just the agriculture sector. But the EIDL program is now again available to all eligible small businesses for maximum loan amounts of $150,000. You can learn more here.

Businesses are committing to diversity

Businesses both large and small are getting behind the Black Lives Matter movement. As part of their commitment to supporting justice and equality, many businesses are vowing to improve their hiring processes to build more diverse teams. If your business is one of them, you can start with advice on how to do that here. 

People are looking to start new businesses

Despite the economic impact of COVID-19, entrepreneurs can’t be stopped. Our own search data on CO— reveals that there is a huge increase in demand for business ideas and startup advice. Our contributor Rieva Lesonsky tells us why now is a great time to start a business in her first column for us. 

Work is changing — for the better

While some companies are committing to transitioning to work from home forever, others are preparing to return to the office by rethinking everything from office layout to cleaning practices. It seems clear that the new normal for work will likely be a hybrid of in-office and work from home — a reality that will be welcomed by many employees, but will also create opportunities for small businesses to recruit better employees by providing flexibility and allowing workers to work the way that suits them best.

Startups are thriving

The pandemic has created new opportunities for all kinds of startups — including this wine app and these fitness and gaming startups, which have seen a big boost since we all started staying home. That’s good news for entrepreneurs and the economy and points to the potential for more startups to thrive in the coming months. If you’re considering starting a new business, here’s a look at how that process will change post-pandemic. 

Customers are coming back

Every state in the nation is in some stage of reopening; and while coronavirus concerns remain (and many states are seeing increased cases), customer enthusiasm indicates that customers are willing and ready to spend. And that’s good news for small businesses. If you’re looking for advice on how to reconnect with your customers as you reopen, check out the CO— Blueprint event I hosted this week with small business owners and experts who offer their best advice. 

Businesses are feeling optimistic

While many small businesses are still struggling, a recent MetLife & Chamber of Commerce Coronavirus Impact Poll found that they are also feeling more optimistic. 

In fact, 79% of small businesses are in some stage of reopening. And optimism for next year is increasing, with 50% of small businesses expecting to increase revenues in 2021, up from 47% who reported feeling that way in April.

Small businesses are embracing tech

One thing I’ve heard from small businesses in every industry is that the pandemic has forced them to embrace technology in ways they hadn’t before. From pivoting to virtual sales tactics to hiring virtual assistants, even the most analog small businesses have found that technology is helping them survive and thrive in the new world. 

Speaking of surviving the pandemic, please join me for our next episode of CO— Blueprint, scheduled for 2 p.m. Eastern on Wednesday, July 1. I’ll be interviewing experts and small business owners on how to financially weather the storm. You can register here. 

Jeanette Mulvey is a passionate advocate for small business and the Executive Director of Content for CO— by the U.S. Chamber of Commerce.