Small Business Assistance — House Committee on Community & Economic Development – Work Session (Nov. 19, 2021)
Summary
A slide presentation for a work session of the House Committee on Community & Economic Development names Chris Green, Assistant Director of the Office of Economic Development & Competitiveness, and Jessica Camacho, Small Business Resiliency Network Director, of the Washington State Department of Commerce. The slides report $378 million in grants to small businesses to date, with another $50 million in queue for 2022, and list Accommodation & Food Services at 50% of grants by industry. They state that nearly 1/3 of all small businesses closed at least temporarily since the start of the pandemic and that 2021 starts in Washington are up 24.8% compared to 2020.
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- Issuer
- Congressional materials
- Date
- 2021-11-19
Cite this document
“Small Business Assistance — House Committee on Community & Economic Development – Work Session (Nov. 19, 2021).”
Original at app.leg.wa.gov, dated 2021-11-19. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-11-19-2021-11-19-a29274-d236681-commerce-hced-small-business-assistance-update/
, SHA-256 ed06b772936d0034366c57827e6ed86ad0defb851b41a8a43ccb492bf2e162af.Full text
Small Business
Assistance
House Committee on Community &
Economic Development – Work Session
Chris Green
ASSISTANT DIRECTOR,
OFFICE OF ECONOMIC DEVELOPMENT & COMPETITIVENESS
Jessica Camacho
SMALL BUSINESS RESILIENCY NETWORK DIRECTOR
NOV. 19, 2021
We strengthen communities
HOUSING BUSINESS
HOMELESSNESS INFRASTRUCTURE ASSISTANCE ENERGY
COMMUNITY CRIME VICTIMS & COMMUNITY
PLANNING FACILITIES PUBLIC SAFETY SERVICES
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
Impact varied greatly by industry
Employment in Sept. Difference from % Change from
2021 Jan. 2020 Jan. 2020 – Sept. 2021
Source: WA-QB Current Employment Statistics (seasonally adjusted)
WASHINGTON STATE DEPARTMENT OF COMMERCE 3
BIPOC-owned businesses are in slower to recover sectors
Sectors with a higher share of
minority employment and
ownership tend to be in sectors
with jobs that are more
vulnerable to COVID-19 impacts.
Source: Annual Survey of Entrepreneurs; McKinsey Global Institute Analysis
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
COVID-19 Impact: Lowest wage workers most affected
Source: Opportunity Insights using Earnin, Intuit, Kronos, Paychex data
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
Small Business Grants
$378 million in grants to small businesses to date, another $50 million in queue for 2022
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
Small business grants by industry
Accommodation & Food Services 50%
Personal & Professional Services 12%
Arts, Entertainment & Recreation 10%
Transportation & Warehousing 7%
Bars, Breweries & Wineries 4%
Healthcare & Social Services 4%
Fitness 4%
Retail 4%
Manufacturing 2%
Education 2%
Construction 1%
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
Small business grant distribution by region
WASHINGTON STATE DEPARTMENT OF COMMERCE 8
Our work is having an impact
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
Small businesses continue to struggle
• Nearly 1/3 of all small businesses closed at least temporarily since the
start of the pandemic
• Those that navigated the pandemic face continued challenges:
• Lost Revenue / Lack of Capital • Wage & Benefit Pressures
• Increased Debt & Inflation • Worker Housing Shortages
• Supply Chain Disruptions • Access to Broadband
• Workforce Shortages • Lack of Childcare
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
Recovery will take time
Source: McKinsey Global Institute Analysis
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
New businesses are starting
2021 starts in Washington are
up 24.8% compared to 2020
90% of new enterprises are still in
business five years later if they receive
access to capital, technical
assistance, education, training and
mentorship
Source: U.S. Small Business Administration
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
The state’s response
Business Increased Focus on Statewide
Centered Access Equitable Capacity
Solutions to Capital Recovery Building
WASHINGTON STATE DEPARTMENT OF COMMERCE 13
Looking ahead: restart, recover, rebuild
Focus on developing a 10-year strategy for economic recovery and growth
Equitable recovery
• Increase diversity of business ownership, particularly in high growth sectors
Increased loan and equity (capital) resources
• Flex Fund, SSBCI, private investment
Building Capacity
• Hub-spoke model for more coordinated technical assistance and business support
Additional Funding
• Support small business programs and services after federal resources are exhausted
WASHINGTON STATE DEPARTMENT OF COMMERCE 14
Small Business Resiliency Network (SBRN)
WASHINGTON STATE DEPARTMENT OF COMMERCE 15
Small Business Resiliency Network Coverage
Trusted network of community
partners to help with:
• Outreach
• Resourcing
• One-on-one technical
assistance
• In-language support
• Recovery planning
WASHINGTON STATE DEPARTMENT OF COMMERCE 16
The need guides our future work
Culturally relevant technical assistance from trusted messengers
Access to
Business Financial Access
technology
management management to
and tech
skills skills capital
education
WASHINGTON STATE DEPARTMENT OF COMMERCE 17
Our work is having an impact
WASHINGTON STATE DEPARTMENT OF COMMERCE 18
Thank you!
www.commerce.wa.gov
Chris Green
ASSISTANT DIRECTOR, OFFICE OF ECONOMIC
DEVELOPMENT & COMPETITIVENESS
Chris.Green@commerce.wa.gov
Jessica Camacho
SMALL BUSINESS RESILIENCY NETWORK DIRECTOR
Jessica.Camacho@commerce.wa.gov
Jasmine Vasavada
LEGISLATIVE AND POLICY DIRECTOR
Jasmine.Vasavada@commerce.wa.gov
File and source
- File
- 2021-11-19_a29274_d236681_commerce-hced-small-business-assistance-update.pdf
- Size
- 1,603,106 bytes
- SHA-256
- ed06b772936d0034366c57827e6ed86ad0defb851b41a8a43ccb492bf2e162af
- Original
- app.leg.wa.gov