Challenge: Local businesses are the lifeblood of our economy. However, today they face twin crises: COVID-19, and the existing silver tsunami of baby boomers’ retirements that impact nearly half of all job-creating small businesses.
This moment is critical for local business ownership and jobs.
Selling to employees can keep these businesses and their jobs in communities by increasing the viable pool of buyers and tapping the energy of the next generation to address today’s business challenges.
Broad-based employee ownership builds more resilient local economies with stronger small businesses, higher-quality jobs, and a path to business ownership for low-income workers and workers of color. But there is limited financing available to help small businesses make this powerful transition.