Boston Mayor Marty J. Walsh recently launched the city’s first ever small business plan. It’s an ambitious program set to make positive inroads based on strong cooperation between local businesses and the city. Mayor Walsh stated its three goals as being “to ensure a thriving small business economy in the city, enhance the vibrancy of our neighborhoods, and continue to pursue economic and social inclusion and equity.”
The program has already yielded some interesting findings about small businesses in Boston:
- The City of Boston has 40,000 small businesses.
- These businesses generate $15 billion in revenue annually, and create 170,000 jobs.
- Minority-owned businesses comprise 32 percent of the city’s businesses, generating $2.7 billion in revenues, and employing more than 32,000 people.
- 85 percent of Boston’s small businesses are considered to be micro-businesses, employing fewer than 10 employees and generating less than $500,000 in revenue.
- 44 percent of Boston’s employees in private, for profit businesses work in small businesses.
- Of the revenues generated by the city’s private, non-profit businesses, 37 percent generated come from small businesses.
These findings show that in aggregate, small business isn’t such a small player in Boston after all. But how do they break down into a broad action plan for cooperation between the City and businesses? Well the Plan will start by consolidating its outreach operations to small businesses, which will mean the creation of a new Office of Small Business Development in the Mayor’s Office of Economic Development. The Plan also recommends the following steps, among others, starting with establishing a small business center.
- Establishment of a small business center, a 311 small business hotline and a new small business web portal to improve the navigation of citywide business supports
- Expanding small business capital availability and innovation by convening capital providers and
supporting the development and deployment of alternative capital providers
- Increasing small business real estate availability, accessibility and affordability by improving the coordination and navigation of the small business real estate market
- Encouraging economic inclusion and equity by expanding We BOS, the City’s women entrepreneurs program, and launching new networks and programs to increase support for minority and immigrant businesses owners and entrepreneurs
- New initiatives to support high-impact small business segments, which will include an Anchor Council that will partner with large institutions and the launch of a Boston-wide network to increase purchasing from and among local services small businesses, a new mentorship network program for small restaurants and retail, and one-on-one coaching programs for established small businesses with high growth potential.
For more on the impact of Mayor Walsh’s small business plan, read the source article at The Boston Real Estate Times.
If you are a small business owner, the attorneys at Valanzola Law Group provide comprehensive representation to all sizes and types of businesses throughout Massachusetts. We will help you as you start a new business with its entity formation and incorporation. If you have an existing business, we can assist you and advise you on succession planning, and address any legal issues that arise with your business to protect your assets in a comprehensive manner. We are experienced real estate attorneys who can advise clients regarding the buying, selling, exchanging (1031 exchange) and financing of commercial and residential properties. Contact us on 508-339-0781 for advice on all of your small business needs, or click on the link to go to the contact page.