Dear AEO Community,
As we navigate the latter part of 2024, it is clear that our economy, while resilient, is facing unique challenges that demand our continued focus and action. At the Association for Enterprise Opportunity (AEO), our commitment to supporting underserved entrepreneurs remains as critical as ever. In a time when market fluctuations and policy shifts impact small businesses disproportionately, it is essential that we continue to advocate for policies that foster stability, growth, and opportunity for those who need it most.
The Current Economic Landscape
The economy today presents a mixed bag of opportunities and obstacles for entrepreneurs. While there has been some progress in areas like employment and access to capital, many small businesses—particularly those owned by women, minorities, and individuals in underserved communities—continue to face systemic barriers. Rising interest rates, inflationary pressures, and supply chain disruptions have made it harder for small business owners to navigate the terrain, let alone thrive. These economic trends have underscored the urgency of AEO’s work to ensure that entrepreneurs have the resources, networks, and advocacy needed to succeed.
Despite these challenges, small businesses remain the backbone of the U.S. economy, contributing to job creation, community development, and innovation. It is imperative that we continue to champion policies that provide economic relief and foster long-term sustainability for these businesses.
Policy Priorities
AEO remains deeply engaged in policy discussions at the local, state, and federal levels to ensure that the needs of underserved entrepreneurs are prioritized. As the economic environment continues to evolve, we are focusing on the following key policy areas:
- Access to Capital: We continue to advocate for policies that increase access to capital, particularly for minority and women-owned businesses. We are working with legislators to ensure that existing financial tools are expanded and that new, innovative funding mechanisms are made available to entrepreneurs who have historically been denied access to traditional capital markets.
- Technical Assistance & Digital Equity: In an increasingly digital world, access to technology and digital skills is critical for the success of small businesses. We are pushing for policies that invest in digital infrastructure and technical assistance programs that equip entrepreneurs with the tools and training they need to compete in today’s economy.
- Inclusive Economic Recovery: While the broader economy shows signs of recovery, many minority-owned businesses are still struggling to regain their footing. We are advocating for targeted economic recovery programs that ensure an equitable distribution of resources and opportunities, particularly for businesses in hard-hit communities.
- Workforce Development & Training: As businesses adapt to new market demands, workforce development is key to maintaining competitiveness. We are supporting initiatives that provide small business owners and their employees with the skills necessary to meet changing consumer expectations and technological advancements.
AEO’s Strategic Priorities
At AEO, we are not only reacting to the economic and policy environment but also proactively shaping it. Our strategic priorities reflect our commitment to creating systemic change for underserved entrepreneurs:
- Strengthening Partnerships: Over the past six months, we have doubled down on building strategic partnerships with both public and private sector organizations. These partnerships are essential in scaling our impact and bringing more resources to the entrepreneurs who need them most.
- Expanding Access to Resources: AEO is continuing to innovate in the delivery of technical assistance, offering entrepreneurs new tools and platforms to grow their businesses. Whether through our virtual learning labs or new research on economic trends, we are providing actionable insights that entrepreneurs can use to adapt to changing conditions.
- Amplifying Voices: Through our policy forums and advocacy initiatives, we are ensuring that the voices of small business owners are heard. We are driving the national conversation around the importance of inclusive entrepreneurship and shaping policies that reflect the realities faced by today’s entrepreneurs.
Looking Ahead
As we move forward, AEO’s mission remains clear: to empower underserved entrepreneurs by advocating for policies that drive economic equity and creating pathways to success for those who have been historically excluded. Our collective efforts will be instrumental in shaping an economy that works for everyone, and I am confident that through continued collaboration and determination, we will rise to meet the challenges of today while seizing the opportunities of tomorrow.
I encourage all of you to stay engaged as we continue our advocacy and work toward a more inclusive economy. Together, we can ensure that every entrepreneur, regardless of their background, has the opportunity to thrive.
Thank you for your ongoing support and partnership.
Sincerely,
Natalie Madeira Cofield
President & CEO
Association for Enterprise Opportunity (AEO)
Natalie Madeira Cofield is the President & CEO of AEO, the voice of innovation in micro-and-small business in the United States. AEO and its nearly 3,000 members have helped millions of entrepreneurs contribute to economic growth while supporting themselves, their families, and their communities. |