Supporting Small Businesses: U.S. Entrepreneurs Face Challenges

FINGERLAKES1.COM March 25, 2025

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On March 24, 2025, Federal Reserve Governor Michael S. Barr delivered a speech at The Aspen Institute in Washington, D.C., focusing on the vital role of small businesses in the U.S. economy. He addressed the challenges entrepreneurs face, particularly in accessing credit, and proposed policy solutions to support business growth and financial transparency.

As small businesses generate nearly half of the country’s GDP and employ almost half of the private-sector workforce, their success is critical to economic stability. Below are the key points from Governor Barr’s speech and what they mean for small business owners.

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