From inflation to the federal government shutdown, small businesses in Arkansas have faced tough challenges over the past several years. On Tuesday, the Arkansas Economic Development Commission held a small business subcommittee meeting in Little Rock to discuss these challenges and present programs aimed at helping entrepreneurs navigate the current economic climate.
“Small businesses make up the majority of all businesses in the state, so it’s critical that we keep supporting them,” said State Representative Tracy Steele.
The government shutdown has created obstacles for federal loan approvals. According to the U.S. Small Business Administration, eight small business loans totaling over $5 million were not approved during the week of October 21.
Esperanza Crane, director of Small Business and Entrepreneurship at the Arkansas Economic Development Commission, highlighted programs designed to help businesses stay afloat. One of these programs, Arkansas Innovators Start-Ups and Entrepreneurs, or ARISE, offers free coaching, mentoring, training, and access to capital for tech-enabled startups.
“If anybody is a tech-enabled start-up, they need to visit with ARISE,” Crane said. “It will help launch, grow, and scale their business.”
Steele says the small business subcommittee will continue to advocate for more collaboration and funding to support Arkansas entrepreneurs. Crane added that outreach leads have been hired to focus on developing small businesses, with special attention on Northeast and South Arkansas.
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