To maintain democracy this election, small businesses and entrepreneurs deserve our attention

With less than a week remaining before the 2024 election, one of the biggest tragedies unfolding in the U.S. is the overshadowing of vital issues by polarization. As a country, we’ve historically faced division across different areas, whether economically or socially, which is to be expected. Sometimes it even sparks productive change. However, in our current environment, this election’s polarizing views are superseding what we should be focusing on, which is addressing inequality in our own communities. To drive actionable change, we need to prioritize our local economies, and that starts with small businesses, specifically minority-owned.

I believe our society will thrive best when we start working together to empower those from underserved communities to succeed, not disparage them relentlessly and devalue their existence. And what the American people need now more than ever are political leaders who aim to increase opportunities for small businesses and entrepreneurs at every level, and who support the philanthropic organizations fighting every day to make that happen.

Equity begins with increased access to opportunity

While it may be obvious that social equity requires equal access to opportunity, it’s also clear that we still haven’t done enough to make opportunities available to those who need them the most. More specifically, small businesses and entrepreneurs, particularly from underserved and minority communities, continue to face numerous barriers that prevent them from accessing the resources needed to launch and scale their operations.

For example, Census Bureau data shows that Black female-owned companies currently make up less than 1% of all businesses in the U.S., while Latino/Hispanic-owned businesses account for only 6.9%. Meanwhile, white Americans continue dominate the landscape by a significant margin, with ownership of 81% of sole proprietor businesses and 82% of employer organizations.

As someone who works with entrepreneurs who come from a variety of backgrounds, many of them minorities in New York’s Capital Region, I’ve seen firsthand what is holding back some individuals: a lack of access to the same opportunities as everyone else. And if any leader is going to help us fix this system, it’s someone who is prioritizing opportunity for these marginalized groups.

Enable progress through policy

According to a recent survey, what matters most to small business voters today is having their operations supported through reduced wage and cost inflation, more favorable tax policies, and effective strategies for mitigating the ongoing cost-of-living crisis. In addition to having a long track record of support for small businesses and entrepreneurs, the Harris administration has spoken at length about the policies it plans to implement to address these concerns and level the economic playing field.

In September, Harris announced the Entrepreneurs & Innovators Policy Plan, which includes various policy proposals aimed at achieving 25 million new small business applications in the U.S. during her first term. In addition to easing the regulatory burden on small businesses related to licensing and permits, the proposals include installing an expansion fund to help cover high interest costs on business loans, as well as raising the tax deduction on startup expenses from $5,000 to $50,000 and making the use of deductions more flexible to business owners’ needs. Another initiative, announced just this month, outlines Harris’s plans to build an “opportunity economy” to ensure that Black men can have the tools to build generational wealth and lead in their communities.

Embrace local change to heal a nation

Carving out a path for small businesses and entrepreneurs to thrive requires favorable tax and growth policies. But it also requires political leaders who understand and believe in this cause, and who are intent on working alongside the philanthropic organizations that invest in these business owners and their communities every day. For policymakers to effectively narrow the wealth gap and address core socioeconomic challenges on a national level—including access to affordable housing and healthcare services—they must be willing to collaborate with and learn from the models of those who are actively driving this kind of change locally.

As the cofounder of Business for Good, I’ve watched how offering a hand up—not a handout—to just one motivated business owner can uplift an entire community. Our venture philanthropy organization in New York’s Capital Region focuses on leveling the playing field for businesses and individuals who have been marginalized by income, race, and other inequalities to address the wealth gap.

I believe the upcoming election is a pivotal moment in history and will determine what tools and resources marginalized communities will have access to. I encourage community leaders and those in positions of privilege to use this moment to focus resources into the entrepreneurs and business owners in your own backyard to address economic inequalities at every level, starting small.

Ed Mitzen is cofounder of Business for Good.