2022 SBW: State of Small Business

221 East Kiowa Street,Colorado Springs CO 80903

08 June, 2022

Description

Using data from the SBA and SBDC, we’ll take a look at what’s happening in the small business sector. The pandemic has not stopped business. Entrepreneurs are innovative, gritty and empowered to see continued success for their existing businesses or even starting a new one. Between 2020 and 2021, over $73 billion was spent on funding small businesses, and that funding supported over 1.2 million jobs. Customers are purchasing services and products based on finances but even more importantly, on emotional connection. There is also a new breed of business owners called social entrepreneurs, that are using business to solve social and environmental issues as well as make a profit. Using data from the SBA and SBDC, we’ll take a look at what’s happening in the small business sector and what we can expect with rising prices, workforce shortages and a weakened supply chain. In addition, the SBDC and BBB will be providing a report to the community on the impact of services on the Pikes Peak Region.