Straight after the U.S. Presidential 2024 election and with federal leadership transitioning, the coming months throughout 2026 offer a strategic window to strengthen entrepreneurship as a national growth engine. SBA research findings indicate that small businesses anchor local economies and fuel job creation with recent government data indicating that there are roughly 34.8 million small businesses in the U.S., accounting for approximately 45.9% of private-sector employment. Strengthening ties between federal offices and national entrepreneurship organizations are destined to ensure capital, technical assistance, and workforce development reach main-street firms.
AEO Small Business Midwest Region Convening launch held at the Federal Reserve Bank of Chicago
RECAP: A highly memorable and thought-provoking Association of Enterprise Opportunity (AEO) Leveraging Regionalism to Support Small Business Midwest Region Convening held at the Federal Reserve Bank of Chicago on 20th November 2024, focused on expanding entrepreneurial access. Convening participants discussed how the Trump Administration during his newly announced second term could prioritize policy alignment, targeted capital for underserved communities, and partnerships that scale proven local programs into national models.
The agenda added a spotlight on the potential of manufacturing resiliency, hospitality recovery, creative sector innovation, and community tourism — sectors where small firms both create jobs and preserve cultural identity. The AEO committed to an ethos of clear measurement (jobs created, loans disbursed, minority-owned business growth) and named program partnerships where commitments are both verifiable and actionable for the incoming administration and congressional offices.
Although the convening focused on priorities of the Midwest, we capitalize on celebrating the successes of other U.S. regions within the creative sector, hospitality, travel and leisure industry and sports entities as follows:
Example 1 —Hospitality Resilience (Hospitality Sector, 2024, New Orleans)
In New Orleans, boutique hotels such as Hotel Henrietta, which opened its doors to the public in April 2024, demonstrate strong post-pandemic recovery. These independent hotels attract leisure travelers seeking unique, design-focused stays, increasing local employment and contributing to the city’s economic revival. By combining personalized services, flexible bookings, and modern amenities, these factors highlight how small hospitality businesses drive resilience and innovation in the tourism sector.
Example 2 —Small Business Innovation (Travel & Leisure Sector, Colorado – 2024)
In 2024, Colorado’s small tourism businesses benefited from the Destination Stewardship Strategic Plan, supporting local guides, cultural storytellers, and community-based tour operators. These initiatives enable sustainable, heritage-focused experiences, in turn, increasing bookings for small operators, whilst creating new employment opportunities, strengthening local supply chains and fostering community engagement. With a major boost to regional economic growth assured thanks to a number of Tourism Matching grants, the promotion of responsible and fully experience-driven travel experience across Colorado’s diverse communities has become a reality.
TO NOTE—# # #
“About the Colorado Tourism Office: The Colorado Tourism Office (CTO) is a division of the Governor’s Office of Economic Development and International Trade. The vision of the CTO is to empower the tourism industry by inspiring the world to explore Colorado responsibly and respectfully. The CTO seeks to advance the strength and resilience of the entire industry through collaboration, inclusivity, innovation and leadership. In 2023, Colorado travelers spent $28.2 billion, generating $1.8 billion in local and state revenues, reducing the tax burden for every Colorado household by $800.”
Example 3 — Small Business Job Creation (Sports / Fitness Equipment Manufacturing, USA – 2024)
In 2024, U.S. small and medium sports equipment manufacturers expanded production to meet rising demand for home and outdoor fitness gear. This growth created new jobs, supported workforce training programs, strengthened regional supply chains, increased local economic activity, thus facilitating small manufacturers to innovate, scale operations efficiently, and contribute significantly to sustainable community development across multiple states as reported by SGB Media.
Example 4 — Community and Tourism-Linked Growth (Regional Small Business Sector, 2024)
In 2024, regional tourism initiatives across Colorado supported local small businesses, including artisan workshops, culinary tours such as the Rocky Mountain Food Tours, and community-led experiences. These programs helped entrepreneurs expand offerings, attract visitors, increase revenue, and create employment opportunities. By integrating local culture and sustainable practices, small tourism-linked businesses strengthened regional economies while fostering community engagement and preserving heritage.
Policy Comparison: Biden/Harris (2021-2024) vs. Trump (2017–2021)
During President Trump’s first term (January 20, 2017 – January 20, 2021), federal policy focused on tax cuts, deregulation, and private sector driven growth. The Tax Cuts and Jobs Act (2017) lowered corporate taxes and aimed to incentivize small business investment. While certain sectors, including hospitality and sports manufacturing, benefited from reduced regulatory burdens, programs targeting community development, creative-sector innovation, or long-term sustainable growth were limited. Support during crises, such as the early COVID-19 period, relied mainly on programs such as the Paycheck Protection Program (PPP), which offered temporary payroll protection but did not fully address some of the structural needs of small businesses.
In contrast, the Biden/Harris Administration (2021–2024) prioritized inclusive economic recovery and targeted support for small businesses across sectors. The American Rescue Plan Act (2021) expanded grants, loans, and workforce development programs for hospitality, creative industries, sports manufacturing, and tourism-linked businesses. Emphasis on community development, sustainable tourism, and equitable access has helped small businesses create jobs, innovate, and strengthen regional economies, directly supporting the trends observed in Examples 1–4.
Additional Sources:
- Tax Cuts and Jobs Act 2017 (full text): https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf
- American Rescue Plan Act 2021 — small-business summary: https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses
DISCLAIMER 1. 2025 AEO PARTNERSHIP RECAP- Latestsale.com Federal Reserve Bank commentary is for informational purposes only and does not constitute any Federal Reserve Bank endorsement, advice or financial planning suggestions.
DISCLAIMER 2. 2025 AEO PARTNERSHIP RECAP- Latestsale.com commentary relating to the Federal Reserve Bank of Chicago. Thoughts and observations are our own. Federal Reserve Bank personnel’s shared views are not necessarily those of the Board of Governors of the Federal Reserve System.