March 29, 2024
Commentary: Better public policies needed to help small businesses achieve their ‘Wildest Dreams'

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Commentary: Better public policies needed to help small businesses achieve their ‘Wildest Dreams'

Back in 2004, I launched One Day Came Construction. For the last 18 years, I have been a proud founder, president, and CEO of a small business. It’s hard work but nothing compares to the honor I’ve felt hiring employees, landing big projects, and growing my company.

Black entrepreneurs like myself are starting businesses at higher rates than other groups. In the face of systemic barriers, we’ve built businesses from the ground up, transformed our communities and contributed meaningfully to the economy. In the words of physician Sydney Labat, “We are truly our ancestors’ wildest dreams.”

There are countless stories of Black businesses who found ways to pivot in the worst of circumstances – and it appears we have more hills to climb. Headlines are filled with economic challenges facing small businesses: inflation, workforce shortages and disrupted supply chains. I know my business is being squeezed by these issues on all sides. These challenges make it harder to compete against larger businesses for contracts and have made projects significantly more expensive.

A new survey of graduates of Goldman Sachs’ business education program, 10,000 Small Businesses, recently found that 78% of small business owners say the economy has gotten worse in the past three months. It also found that 93% are worried about the US economy experiencing a recession in the next 12 months.

However, there is hope. Sixty-five percent say they are optimistic about the financial trajectory of their business this year. I for one am optimistic about a return to “normal” eventually.

Entrepreneurs are the first to face economic headwinds and the first to creatively maneuver around them, signaling to the rest of the country what’s to come. Often Black businesses are disproportionately affected, and at times we must think on our feet and adapt faster than our counterparts.

I am living proof of what it means to be battle-tested. The pandemic brought my business operations to a halt. During the pandemic I took out a Paycheck Protection Program loan, which allowed me to retain some employees instead of laying them off. My perseverance has paid off, and I’ve seen my impact resonate within Tampa and beyond.

Although the path to success for many Black-owned small businesses is not smooth, there is some good news. Outside intervention and investments in our businesses have proven to be profound. One of the resources that allowed me to future-proof One Day Came Construction was Goldman Sachs’ 10,000 Small Businesses program. By participating in the program, I have access to the Goldman Sachs 10,000 Small Business Summit. We must make our voices heard because our businesses are key to economic recovery locally and nationwide.

This week, I am joining 2,500 other small business owners at the event – the largest gathering of small businesses in the U.S., celebrating hometown innovators like me. I am looking forward to meeting directly with lawmakers to ask for better public policies. Top on our agenda is a call to modernize the U.S. Small Business Administration, which has not been reauthorized since 2000. Doing business in the U.S. changes every day, and the SBA mission and policies need to reflect today’s market, not that of 22 years ago.

As we travel to Washington, we’re hopeful policymakers will also hear our call to further assist our employees in obtaining safe and affordable childcare, and to make sure the government is living up to its promises of opening its federal contracting opportunities to more women- and minority-owned small businesses.

When we ensure the prosperity of Black businesses, we can ensure the health and wealth of the country, as well as local communities. And while we often hear about the plight of Black businesses, let’s tell a different story moving forward. A story which reclaims what our ancestors knew to be true: with great trials comes the chance to be triumphant. A story that believes our best is yet to come.

David Delancy is president and CEO of One Day Came Construction, a Black-owned business based in Tampa with locations throughout Florida.

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