Washington D.C., January 18, 2023 – American Management Services proudly participated in the United States Conference of Mayors’ 2024 Winter Meeting.
During the “Helping Your Entrepreneurs and Small Business” session, Executive Vice President and COO Louis Mosca shared critical insights alongside panelists, including Mayor Elizabeth B. Kautz of Burnsville, Aikta Marcoulier from the U.S. Small Business Administration, and Megan Janicki from the American Library Association.
In his address, Mosca emphasized the challenging landscape of 2023 for small businesses, highlighting startling statistics and details, including:
- 53% of small and medium-sized businesses (SMBs) had no access to credit.
- Approval ratings for business loans went from 65.9% in 2019 to just
- 28.4% in 2023.
- Traditional loan application processes for small businesses are time-consuming and inefficient, often resulting in slow responses and denials from financial institutions.
- According to the Federal Reserve Banks’ Small Business Credit Survey, a staggering “59% of small businesses reported being in fair or poor financial condition.”
- Only 42% of small businesses have their financing needs met.
- Financial conditions tightened significantly over the last two years due to the Federal Reserve’s aggressive interest rate hikes, affecting businesses and households.
- Commercial Chapter 11 business reorganization filings shot up by 72% to 6,569 in 2023 from 3,819 the year before
Furthermore, Mosca suggested actionable steps for city halls to assist small businesses. These include:
- Recognize small business owners want “Opportunity” not freebies!
- Mayors convene small business round tables, connecting bankers with small business owners.
- Create a mentorship program, encouraging larger businesses to guide and work with smaller companies.
- Collaborate with local banks and credit institutions to simplify and expedite the loan application process.
- Offer business planning and financial advisory services to small businesses.
- Work with your State to identify grant opportunities the City can use to assist independent owners in hiring and training staff.
- City Hall politely pressures large and small financial institutions to lend more in their community.
American Management Services is excited to continue its collaboration with the United States Conference of Mayors through Partner America™, a program dedicated to helping independent business owners achieve their goals. For over 23 years, Partner America™ has been offering resources and support focusing on increasing sales, improving operations, and fostering business growth.
This participation in the United States Conference of Mayors’ Winter Meeting reinforces American Management Services’ commitment to supporting small businesses, an essential component of the nation’s economic backbone.
About American Management Services
Founded in 1986, American Management Services is a leader in assisting small and medium-sized businesses. With a focus on performance improvement and profitability, they offer comprehensive services ranging from operational assessments to strategic planning.
