By The Numbers: Small business representation across Greater Washington

Author: Board of Trade

By The Numbers: Small business representation across Greater Washington

Posted on by Board of Trade

Small business is important to the Board of Trade; we are one. And as a representative of Greater Washington, celebrating Small Business September this year allows us to show how important small businesses’ vitality is to our region’s ecosystem.  

To lean in on small business awareness in our region, our policy team looked at data points around small businesses across D.C., Maryland, and Virginia and collected some important statistics showing small businesses’ financial struggles.  

A huge need for small businesses is getting funding opportunities to create a vibrant and healthy small business community in Greater Washington. According to the U.S. Chamber of Commerce, in 2022, 69% of small businesses say that relied on personal savings to finance their business compared to 60% in 2020, which shows the need for funding opportunities for new small businesses looking to grow the U.S. economy.  

The U.S. Chamber of Commerce also shared recently that small businesses in the United States are in much need of funding through capital investments, collecting data that shows 33% of businesses that launched in 2024 did so with less than $5,000 USD, with 58% of businesses launching in 2024 with less than $25,000 USD.  

As mentioned, our policy team has gathered data from the Small Business Association’s Office of Advocacy that breaks down the percentage of small businesses in Greater Washington. This includes highlighting percentages of women and minorities that represent small businesses across D.C., Maryland, and Virginia.   

DISTRICT OF COLUMBIA 

  • There are 75,579 small businesses in DC, which make up 98.1 percent of all businesses in the District. 
  • DC’s small businesses employ 260,713 workers, which accounts for 48.0 percent of the total DC workforce. 
  • Women comprised 51.4 percent of the workforce and owned 47.4 percent of businesses. Veterans made up 3.0 percent of the workforce and owned 4.1 percent of businesses. Hispanics accounted for 11.0 percent of the workforce and owned 8.0 percent of businesses. Racial minorities made up 50.0 percent of the workforce and owned 43.3 percent of businesses. 

MARYLAND  

  • There are 639,789 small businesses in Maryland which make up 99.5 percent of Maryland businesses. 
  • Maryland’s small businesses employ 1.2 million people, which accounts for 48.8 percent of the state’s total employees. 
  • Women comprised 49.2 percent of the workforce and owned 44.6 percent of businesses. Veterans made up 5.7 percent of workers and owned 6.6 percent of businesses. Hispanics accounted for 9.8 percent of the workforce and owned 9.2 percent of businesses. Racial minorities constituted 43.7 percent of the workforce and owned 38.5 percent of businesses. 

VIRGINIA 

  • There are 818,450 small businesses in Virginia, accounting for 99.5 percent of all businesses in the state. 
  • Small businesses in Virginia employ 1.6 million employees, which accounts for 45.4 percent of Virginia’s workforce. 
  • Women made up 47.6 percent of the workforce and owned 44.3 percent of businesses. Veterans comprised 8.6 percent of the workforce and owned 9.1 percent of businesses. Hispanics accounted for 9.5 percent of the workforce and owned 9.2 percent of businesses. Racial minorities made up 32.1 percent of the workforce and owned 27.0 percent of businesses. 

The Board of Trade will continue to engage with people and business professionals in our region to help promote small business across the Greater Washington region. And the vitality and future of small businesses depends on public officials, regional stakeholders, and the broad Greater Washington business community, working together for a better future for our region.  

There is a lot to learn about small businesses that the SBA and U.S. Chamber of Commerce shares so people can learn more about the opportunities and struggles small businesses face.  

Below are a few stories you can read: 

New Survey Shows Small Businesses Growing Concern about Raising Capital 

U.S. Chamber of Commerce: Small Business Data Center 

U.S. Small Business Administration: Fund Your Business 

SBA: Women Entrepreneurs Are Accelerating the Small Business Boom 

Policy Recap: Engaging regional leaders ahead of 2024 Election

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The Board of Trade’s policy and leadership teams have been busy in August engaging public officials and candidates for office across D.C., Maryland, and Virginia to focus on our policy priorities in the region on behalf of our members and the Greater Washington business community.  

It was great hosting former Maryland Governor Larry Hogan at MGM National Harbor for a discussion for our members, led by our hosts Rick Limardo and Melonie Johnson of MGM National Harbor, and Board of Trade President & CEO Jack McDougle. Hogan answered questions about issues and opportunities for businesses in Maryland and concerns around the nation’s economy, public safety, education funding, workforce talent development, and more.  

We also engaged earlier in the month with Prince George’s County Executive Angela Alsobrooks and Maryland Attorney General Anthony Brown at a recent event in the state that allowed our policy team to amplify our network with key regional stakeholders. 

Outside the region, Board of Trade Senior Vice President of Policy, Shayla Moon, traveled to the DNC convention in Chicago to engage regional leaders and members in attendance to advance our organization’s mission.  

We look forward to further policy discussions with leaders this fall, including a broader conversation with County Executive Alsobrooks in October and our 2024 Election Watch Series conversations we will be having this fall!  

Learn more about our upcoming Election Watch Series conversations that members can attend here: https://bit.ly/3Mdxhp0 

Board of Trade engages members on potential 2024 Election implications

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The Board of Trade held on July 18 the first part of its 2024 Election Watch series at the Downtown D.C. office of our series sponsor K&L Gates to engage members on how the 2024 Presidential Election could impact the Greater Washington region.  

With our region being closely connected to the federal government and our nation’s capital, it was discussed how local governments would interact with the federal government depending on the administration elected. This included how the election could impact regional transportation, the possible influx of in-person or remote work for federal employees, local public safety initiatives, and much more.  

View more photos from our July 18 discussion at K&L Gates office

While news of President Joe Biden stepping down as the Democratic nominee broke a few days after this discussion with our members, it was still valuable to see how the election is playing out, including hearing insights from experts at K&L Gates regarding what specific issues are being pinpointed by former-President Donald Trump’s campaign, and the campaign for the Democratic Party campaign. It was discussed in the meeting what the process of picking a new candidate would look like if President Biden stepped down, including if Vice President Kamala Harris took over the ticket.  

The Board of Trade is committed to keeping our members, partners, and the greater business community informed on how elections and politics can impact our region. It was special for members in a variety of professions and industry fields to share perspectives and views on what the region faces during this election year.  

In our next parts of our 2024 Election Watch series, we’ll further explore the potential election scenarios and their implications for policy, society, and regional dynamics with the help of data-driven analysis and informed speculation from those attending.  

Thank you to K&L Gates for sponsoring and hosting this series.  

Testimony: DC Public Space Committee Hearing on small cell infrastructure to enhance 5G internet access

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About this Testimony: The Board of Trade has been a strong supporter of small cell infrastructure deployment in Washington D.C. to expand 5G internet access, which will provide better wireless service for first responders, allow for better education resources for students, and help grow community connectivity. On July 18, Danial Flores, GWBOT’s Vice President of Government Relations, submitted a testimony at D.C. Council’s Public Space Committee hearing. 

Good morning and thank you to the Public Space Committee for allowing me to testify this morning on the importance of small cells in Washington, D.C.

My name is Daniel Flores, Vice President, Government Relations. I’m speaking today on behalf of the Greater Washington Board of Trade, which represents all industry sectors in the District of Columbia, suburban Maryland, and northern Virginia. For over 130 years, we have prided ourselves on our non-partisan commitment to the businesses that make our region thrive.

One of our top priorities as an organization is to support innovative solutions that improve our economy here in the DMV – and we believe that the proposal under consideration is one of those innovative solutions.

Considering we’re all joining this meeting via Zoom this morning, we all know just how important connectivity is to conducting business in our modern world. Innovative technology and connectivity have been proven to create better access to health, transportation, education and more.

But in pockets of the DMV, particularly high-traffic areas like downtown D.C., it can sometimes be hard to access cellular service. We commend the Public Space Committee for taking action in 2019 to allow the installation of small cells on existing infrastructure, but more must be done to ensure that all of D.C. has ready access to cell service.

The proposal before the Public Space Committee would allow small cells to be installed as standalone poles. An estimated 80 poles are needed to greatly improve connectivity throughout the District, and these poles would be as unobtrusive as the light poles or the Capital Bike Share stands we have all grown used to seeing throughout the city. This commonsense solution doesn’t even cost any taxpayer funding; rather, the carriers will cover the costs of installing the small cells and bringing greater connectivity to the District. It’s a win for businesses, for residents, for visitors, and for our government.

Without the installation of new small cells, D.C. runs the risk of falling behind in today’s digital economy at time when mobile data consumption is growing exponentially. Average monthly mobile data usage in North America is expected to grow by 216% per smartphone by 2028, and 5G networks will carry an estimated 69% of total mobile data traffic. Wireless “smart cities” will see $160 billion in benefits and savings through things like lower energy use and congestion. Throughout the United States, 5G connectivity is expected to drive up sales by $2.7 trillion and add up to $1.5 trillion to the U.S. GDP by 2025. Closer to home, the 5G economy is estimated to provide over $8.6 billion in economic benefits to D.C. and over 23,000 jobs.

The Greater Washington Board of Trade urges the Public Space Committee to approve the installation of standalone small cells throughout the District. Thank you for your consideration.

Potomac Conference: Regional leaders and stakeholders collaborate of public safety

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After a 12-year hiatus, the Potomac Conference met at the Catholic University of America on July 9 to discuss the region’s economy, transportation, and security, focusing on one key point – public safety.  

The Conference – co-hosted by the Greater Washington Board of Trade (GWBOT), the Greater Washington Partnership (GWP), the Metropolitan Washington Council of Governments (COG), and the Consortium of Universities of the Washington Metropolitan Area (Consortium) – brought together leaders in the region’s government, law enforcement, non-profit, private, and academic sectors, where they had the opportunity to address the critical issue of ensuring safe communities while strengthening economic growth.  

The morning began with welcome remarks from Kathy Hollinger, President and CEO of GWP, who thanked sponsors and partners before introducing the Keynote Speaker. Acting Associate Attorney General Benjamin Mizer delivered his Keynote Address, providing attendees with an overview of the national landscape and climate of public safety.  

Andrew Flagel, President and CEO of the Consortium, also provided insight on the role of the region’s universities in promoting public safety before introducing a data-driven discussion on violence impacting the region, presented by Hanna Love of the Brookings Institute.  

Love introduced her work at the Brookings Metro’s Bass Center for Transformative Placemaking, showcasing both the perceptions and realities of crime in the region. While local perceptions of crime spoke to a fear of its intensification, crime trends in downtown D.C. did not dramatically change. It was also made clear that place matters regarding types of crime and the necessary responses. Love called attention to a multifaceted approach to reducing crime, focusing on investments in economic stability, housing, access to quality education, and the built environment.  

Take a look at more photos from this event

Collaboration for Success Panel 

Strategies, Resources, and Building Community Trust for Public Safety 

The Executive Director of COG, Clark Mercer, addressed the importance of partnerships between local governments and institutions before introducing a panel that illustrated such cross-sector collaboration. Moderated by Elliott Ferguson, President & CEO of Destination DC, the panel included Chief Pamela Smith of the Metropolitan Police Department, Metro Transit Chief Michael Anzallo of WMATA, and President Peter Kilpatrick of Catholic University.  

The three panelists answered several questions regarding their roles in public safety and crime reduction and provided insight on what was being done within their institutions to address the issues. A key point was the importance of partnerships between law enforcement, private and public institutions, and the Greater Washington community at-large.  

Chief Smith emphasized the MPD’s Real Time Crime Center and its new community camera sharing program, CameraConnect DC, through which anyone can connect their security cameras to help law enforcement more accurately solve cases and obtain footage.  

“One of the things that we’ve launched with the Real Time Crime Center is the ability to be able to connect your cameras,” said Chief Smith. “We are asking you, your partners, your business, please connect your cameras to our Real Time Crime Center. If you have business, mom-and-pop stores, we really want to use your cameras.” 

Strategizing for a Thriving Region Workshop 

Emergency Communications: First Net Case Study 

The workshop portion of the day, focused around discussing and amplifying resources for a thriving region, was moderated and led by Jack McDougle, President and CEO of GWBOT. The first discussion centered on FirstNet – or First Responder Network Authority – a nationwide communication network for first responders overseen by Congress and AT&T. Melissa Ayala, Assistant VP of Government Programs at AT&T, provided updates on a new phase of FirstNet, including standalone 5G and expanded coverage. Many attendees expressed the need for closing the communication gap about public safety updates between organizations and law enforcement, reinforcing a core theme of the conference – public safety goes beyond policing.  

Prevent Gun Violence: Research, Empowerment, Strategies and Solutions 

The second workshop focused on gun violence and the role of businesses and communities to provide resources and support for its mitigation. Dr. Joseph Richardson laid out data collected through his work as Co-Director of PROGRESS at the University of Maryland, an initiative centered around preventing gun violence with multi-disciplinary, community-based approaches.  

Key metrics stood out from this presentation, including a sobering view on the differences in life expectancy within D.C. itself – one loses 21 years of life expectancy in a 41-minute metro ride across the city from Northwest D.C. to Southeast D.C., according to Richardson’s work on contributing factors that lead to this statistic, which include disparities in economic investments and violent crime in these parts of the District. 

Dr. Richardson also shared severe discrepancies in the cost of homicides versus investment in research and implementation, with gun violence costing America over $500B per year but only about $25 million invested in 2020 by the federal government in prevention research.  

Attendees shared local stories and company ventures looking to combat this issue by providing after-school programs and gainful employment opportunities, giving those at risk another option beyond resorting to gun violence. Businesses have a responsibility to provide opportunities, many affirmed, with ideas such as increasing involvement to the community and opening hiring to those not “traditionally employable” discussed.  

Barriers to Retaining and Attracting Business to the Region 

The final workshop began with remarks from Colleen Hawkinson, Executive Director of the DC BID Council, and Shawn Townsend, President & CEO of the Restaurant Association of Metropolitan Washington.  

Hawkinson reaffirmed the importance of public-private partnerships, especially in the DC BID council towards fostering DC’s Business Improvement Districts, while Townsend relayed the hospitality industry’s continued post-pandemic struggles, but also the sector’s focus on economic development and safety.  

The workshop included suggestions such as promoting downtown safety and economic growth by recovering vacant spaces, making these vacancies attractive for businesses. The discussion centered again on providing accessible jobs for young people and creating pathways within those jobs for credential building, school programs, and career growth.  

The Greater Washington Board of Trade was thrilled to help host and collaborate on this landmark event with our partners, multilateral institutions, businesses, and agencies in the region. Thank you to everyone who joined us at the Potomac Conference to facilitate cross-sector dialogue in the region and explore innovative, actionable approaches to enhancing community safety and economic stability.  

Thank you to our presenting sponsor AT&T, host sponsor Catholic University of America, and our media partner the Washington Business Journal for being a part of the Potomac Conference and helping promote the Greater Washington region.  

In The News

DC police chief asks small business owners to help stop crime – WTOP News

Greater Washington Partnership, Board of Trade collaborate on Potomac Conference – Washington Business Journal (bizjournals.com)

Greater Washington Board of Trade relaunches annual Potomac Conference – Washington Business Journal (bizjournals.com)

New laws in effect July 1 in the Greater Washington region

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As of July 1, 2024, Washington, D.C., Maryland, and Virginia residents have seen a wave of new legislation take effect across various sectors that have an impact on their daily lives. These changes reflect the region’s commitment to addressing issues and improving the quality of life for those who live within it. These new laws represent an attempt to meet evolving challenges and opportunities throughout the area.  

Maryland: 

During the 90-day 2024 session, Governor Moore signed 1,049 bills into law, including:  

  • SB 1113: is a model for state-level ticketing reform as it bans speculative ticketing and makes resale platforms accountable for any speculative tickets sold or listed on their site. Additionally, the bill requires all-in pricing throughout the purchasing process and codifies that a ticket is a license and not property. 
  • SB 244/HB 238: This legislation amends the Maryland Clean Indoor Act and makes vaping illegal in indoor public places, public transportation, and places of work.  
  • HB 4: Prohibits institutions of higher education that receive state funds from considering a legacy preference or donor preference as criteria for admissions at the institution. 
  • The Pava LaPere Innovation Acceleration Grant Program: It was established to provide grants to technology-based startup companies founded by students of postsecondary institutions by providing grants to these businesses located within the Baltimore-Columbia-Towson metropolitan areas. The program is named in honor of Pava LaPere, founder, and CEO of Baltimore-based startup EcoMap Technologies, who was tragically killed last year. 

Virginia: 

Simultaneously in Virgina, several significant recent changes have gone into effect, including multiple bipartisan gun reform efforts, changes to higher education, impacts on commerce, etc. that were signed into law by Governor Youngkin. These include:   

  • HB 22/SB 210: Bans devices known as “auto sears” that convert firearms to automatically shoot more than one shot without manual reloading.  
  • Lucia’s Law (HB 36/SB 44): Gun owners will be charged with a felony if they allow a child who poses a potential risk to have access to a firearm. Lucia’s Law was spurred by the 2021 tragic killing of Lucia Bremer, a 13-year-old who another teen fatally shot while she was walking home in Henrico County.  
  • SB 480: A new law concerning Virginia’s public utilities – electric, gas, water, and wastewater- these services cannot be disconnected to a residence during an official state of emergency – and 30 days after- even if a customer is behind on bills or fees. The law goes on to state that utilities cannot cut off service when temperatures are at or below 32 degrees Fahrenheit or above 92 degrees Fahrenheit and on Fridays, weekends, state holidays, and the day before a state holiday.  
  • HB 48: Virginia codified similar legislation to the legacy admissions ban in Maryland with the passage of legislation in the state that will now stop public universities and colleges from giving applicants who are related to alumni or donors of the school a boost in their admissions process.  
  • SB 336: State and local law enforcement can now place photo speed monitoring devices at intersections deemed to be “high-risk”, which requires it to be part of or adjacent to an intersection with a marked crosswalk in which a traffic fatality took place in since January 2014.  
  • HB 790: Bans on the sale of liquid nicotine/tobacco products over the internet and through vending machines is now prohibited.  
  • HB 525:  Removes Richmond from the list of Virginia’s eligible host cities for a casino, grants the city of Petersburg the ability to hold a vote for a casino project in November, and blocks cities that fail to get a casino project passed by voters for three years.  

Washington, D.C.: 

  • Fair Shot Minimum Wage Act of 2016: The law, passed in 2016, includes provisions to further increase minimum wage in subsequent years. Therefore, in Washington, D.C., the minimum wage has increased as of July 1 from $17.00 to $17.50 per hour for non-tipped workers and $10.00 for tipped workers, a $2 increase making it the highest minimum wage in the United States. The wage increases have gone into effect, regardless of the size of the business.  

Ashley White Quinn named Board of Trade’s new Senior Program Manager

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Ashley White “AW” Quinn was recently named the Senior Program Manager at the Greater Washington Board of Trade to continue our organization’s need to serve our members in a quick-moving, always-evolving business environment.

AW graduated from Grove City College in western Pennsylvania, where she completed her bachelor’s degree in communication studies. She has since honed her skills in event management, working in the nonprofit sector and the financial district in D.C. Most recently, she served as Events Manager for the Loudoun County Chamber of Commerce, where she planned 100+ high-quality and consistently profitable programs, meetings, and special events ranging from networking socials to industry-specific events to 500+ person galas each year.

AW hopes to bring the same passion for thought leadership, member engagement, and community vitality to her new role with GWBOT. Although a Nashville, TN native, she has called the DMV area home for over eight years and currently lives in Leesburg, VA.

Board of Trade hosts annual Regional Chambers Dinner

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The Board of Trade enjoyed connecting and convening with the region’s business community at our annual Regional Chambers Dinner on Tuesday, June 4, in Bethesda, for chambers of commerce located in suburban Maryland, Washington D.C., and Northern Virginia.

Discussions between chambers included addressing the need to invest further as a region in transportation and infrastructure to drive mutual ambitions that will lead to economic and workforce growth across Greater Washington.

The chambers demonstrated their resilience and adaptability by discussing how to address business vacancies in downtown areas still felt after the COVID pandemic. They agreed that furthering engagement with local businesses is key to creating vibrant community involvement that can lead to success in our region.

The chambers also discussed enhancing their organizations by focusing on their strengths without spreading themselves too thin. This is important in today’s business culture and climate, which can sometimes create a feeling of having to do everything and be everywhere at once.

The Board of Trade’s new Senior Vice President of Policy, Shayla Moon, addressed policy and legislative efforts across the region that impact our region and our members and how we strategically address these critical issues. This includes further commitments to our priorities of focus surrounding regional transportation, work and talent, economic sustainability, technology, and health and wellness.

The chambers that joined included the Tysons Regional Chamber of Commerce, Loudoun County Chamber of Commerce, Arlington Chamber of Commerce, Central Maryland Chamber of Commerce, Greater Reston Chamber of Commerce, Maryland Hispanic Chamber of Commerce, Prince George’s County Chamber of Commerce, DC Chamber of Commerce, Greater Bethesda Chamber of Commerce, and Hispanic Chamber of Commerce Prince George’s County.

We extend our heartfelt gratitude to all the regional chambers that joined us for our Regional Chambers Dinner. Your presence and contributions are truly valued and appreciated.

Did you know? According to the Association of Chamber of Commerce Executives, there are more than 7,500 chambers of commerce in the United States.

Sean Drake joins Board of Trade’s growing policy team

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Sean Drake was recently named Vice President for Policy at the Greater Washington Board of Trade to continue our organization’s efforts to positively impact our members and the region’s business community.

With over a decade of government affairs and policy experience, Sean previously worked as Director of Government Affairs and Advocacy for the International Hearing Society. In this role, he led all government affairs, advocacy, payer advocacy, and policy efforts for the association in the wake of the FDA’s over-the-counter hearing aid policy, which succeeded in expanding access to critical healthcare services for veterans at VA medical centers, including issues related to Medicare and Medicaid Policies.

Sean’s additional professional experience has also allowed him to engage in policy efforts at the city, state, and federal levels, which will be invaluable to the Board of Trade as we push forward on our organization’s goals and initiatives.

Sean’s hiring further expands the work of our growing policy department at the Board of Trade after our organization recently hired Shayla Moon as our Senior Vice President of Policy to lead the department.

Sean is originally from Sarasota, Florida, and is a proud graduate of Florida State University, where he completed his bachelor’s degree in political science and international affairs. He also has a Master’s in Public Administration from Penn State University.

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