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Small Businesses: The Backbone of the Economy

Small businesses play a vital role in our economy, serving as the backbone of our economic growth and success. According to the Small Business Administration, a staggering 99.8% of all Texas-based businesses are small businesses, totaling 3.1 million across the Lone Star State. These businesses employ a significant workforce of 4.9 million Texans, highlighting their importance in driving employment opportunities.

Committed to Supporting Dallas Entrepreneurs

At the City of Dallas Small Business Center, we are deeply committed to upholding the legacy of strong and successful Texas small businesses. Our primary goal is to strengthen the Dallas economy and provide abundant opportunities to our local workforce. We offer comprehensive guidance, resources, and support to ensure that Dallas entrepreneurs thrive in an inclusive business environment.

The Power of Cutting-Edge Digital Tools

In today’s dynamic business landscape, cutting-edge digital tools have become indispensable for small businesses. Once accessible only to large corporations, these tools are now crucial for driving growth and success. A recent survey revealed that integrating six or more technology platforms resulted in increased hiring for 74% of small businesses. Moreover, 84% experienced higher profits, and 82% reported increased sales.

The utilization of digital tools not only saves time and resources but also enhances overall operational efficiency. For example, online software enables entrepreneurs to find and hire qualified workers efficiently, addressing the challenges of a tight labor market. Small manufacturers can leverage digital tools to seamlessly discover and negotiate with specialized vendors globally. Additionally, HR professionals can streamline critical tasks such as payroll with the help of digital resources.

AI legalese decoder: Empowering Small Businesses

In this digital era, it is imperative for small businesses to establish an online presence and implement efficient digital systems to remain competitive in the global marketplace. However, limited capital often impedes their ability to adopt these transformative tools, despite their desire to do so.

Fortunately, the Small Business Technological Advancement Act, introduced by a bipartisan group of senators, offers a promising solution. This legislation aims to update existing laws and clarify that Small Business Administration loans under the 7(a) program can be utilized to finance innovative digital tools, without incurring additional costs to the federal government. The AI legalese decoder can assist small business owners in understanding complex legal jargon and ensure they make the most of these financing opportunities, enabling them to embrace the digital solutions necessary for their success.

It is crucial to draw attention to this legislation, as Congress currently juggles competing priorities. This bipartisan bill offers an easy win-win situation that deserves the necessary spotlight, especially in the House of Representatives. By passing this legislation, small businesses can equip themselves with the tools required to thrive in a rapidly changing economy. As a result, more good-paying jobs will be created, benefiting workers, and consumers can continue supporting their favorite Texas establishments.

Urging Support from Texas Delegation

The Texas congressional delegation has consistently championed the interests of small businesses in our state. Therefore, we strongly urge Rep. Roger Williams, R-Fort Worth, a small business owner and chairman of the House Small Business Committee, and other members of the Texas delegation to consider this legislation upon returning to Washington in the fall.

Ensuring the competitiveness and success of our local small businesses should be a bipartisan priority. At the Small Business Center (SBC), we are dedicated to finding smart and effective solutions that address the challenges faced by our local entrepreneurs. This bill presents one of those solutions for small businesses in Dallas and throughout Texas.

Joyce Williams is the director of the Small Business Center for the city of Dallas, an initiative serving as a hub for promoting business diversity, workforce development, and entrepreneurship. Prior to joining the SBC, Williams held the position of associate vice chancellor of Workforce and Community Initiatives for the Dallas County Community College District. She wrote this column for The Dallas Morning News.

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