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New Business Applications on the Rise Despite National Economic Pessimism

Despite a reported state of pessimism in the national economy, locally and nationally, new business applications are up. This trend was highlighted by Thomas Sullivan, vice president of small business policy at the U.S. Chamber of Commerce, during the Lynchburg Regional Business Alliance’s quarterly Business @ Breakfast event.

Sullivan, who works with chambers of commerce to translate the views of small businesses into policy, painted an optimistic view of the climate for small businesses, noting significant gains. Megan Lucas, CEO and chief economic development officer for the Lynchburg Regional Business Alliance, emphasized the Alliance’s commitment to growing and sustaining the area’s economy through supporting businesses.

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Sullivan highlighted the role of chambers of commerce in advocating for small businesses, particularly during the challenges brought on by the COVID-19 pandemic. The collective efforts of local, state, and regional chambers led to legislative successes aimed at supporting small businesses.

While small business owners remain optimistic about their personal situations and operations, there is a noticeable pessimism regarding the national economy. Sullivan referred to this as “second-hand pessimism,” where small businesses exhibit confidence in their own prospects but express concerns about the overall economic outlook.

Addressing issues such as inflation and hiring challenges, Sullivan underscored the resilience and problem-solving capabilities of small businesses. He noted the direct impact of government stimulus in facilitating entrepreneurship and highlighted the essential role of small businesses in meeting community needs.

As new business applications continue to rise, both locally and nationally, the focus on entrepreneurship and small business development remains strong. Sullivan emphasized the importance of creating a pro-growth environment for businesses and ensuring that small businesses have a voice in federal decision-making processes.

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