Small Business Remains Purple as Election Dust Settles

As the nation processes the results of the recent election, small business owners find themselves in a familiar position – straddling the political divide. The “purple” nature of small business, meaning it transcends party lines and appeals to both Republicans and Democrats, remains a constant in an ever-changing political landscape.

For small businesses, this bipartisan appeal means that regardless of which party controls Congress or the White House, support is likely to continue. Both parties recognize the vital role small businesses play in the American economy, making up 99.9% of all U.S. businesses and being responsible for almost two-thirds of newly created jobs.

The U.S. Small Business Administration (SBA) and its programs are set to continue operations, providing a stable foundation for small business support. Recent legislative actions demonstrate this ongoing commitment. For instance, the House recently passed two bipartisan bills with unanimous support: the Rural Small Business Resilience Act and the ThinkDIFFERENTLY About Disability Employment Act. These bills aim to improve access to resources for rural small businesses and entrepreneurs with disabilities, showcasing the bipartisan effort to support diverse small business communities.

Furthermore, the Senate has introduced the Coordinated Support for Rural Small Businesses Act, which directs the SBA to designate an Assistant Administrator for its Office of Rural Affairs and strengthens cooperation between the SBA and the U.S. Department of Agriculture (USDA). This bipartisan legislation aims to improve support for rural small businesses, addressing their unique challenges.

The SBA remains committed to supporting small businesses. Administrator Isabel Casillas Guzman emphasized, “Through streamlining, expanding our lending network, building innovative partnerships, and investing in technology we’ve delivered record levels of small dollar lending, startup capital, and loans to underserved communities.” With the FY24 Capital Impact Report showing 19.8 million new business applications.

As the political landscape evolves, small business owners should stay informed about potential policy changes that may affect their operations. However, they can take comfort in knowing that while the political landscape may shift, the bipartisan support for small businesses appears to be constant. This “purple” nature of small business policy ensures that programs and resources will continue to be available to help entrepreneurs thrive in the coming years, regardless of which party holds power in Washington.