The Decline of Small Businesses in New York
Author Amy Sarker December 19, 2019
Have you ever had that favorite little store you would always go to? Whether it be a small place to buy chips or a place you go to play with your dog? Small businesses have made up the city we live in. Did you know that in Astoria, about 30 small businesses along Astoria Blvd have gone out of business in the past two years? Small businesses provide opportunities for entrepreneurs to create more meaningful jobs and positions compared to larger traditional companies.
Small businesses also foster local economies, keeping money close to home and supporting neighborhoods and communities. For instance, small businesses are usually far cheaper than larger ones. However, not everyone can afford a small business. Larger businesses get the most funding from the government, leaving less funding for small businesses. This eventually gives these businesses no other choice but to close down.
For example, a man named Nirmal, who works in a small business in Manhattan stated, “Economy is hard. Competition is at a higher stake and it makes doing business harder.”
To add on, a 9th grader named Annie Wilamson, who lives in Astoria stated, “I go to plenty of small business in Astoria. I get many of the things I use daily from them. And, I know a lot of friend’s mom’s who are immigrants and run small businesses in Astoria. I’d hate to see them close down.” This indicates that there is a large number of immigrants that came to Astoria with a small business. Shutting down these businesses leave many hard-working immigrants unemployed and struggling.
Small businesses also foster local economies, keeping money close to home and supporting neighborhoods and communities. For instance, small businesses are usually far cheaper than larger ones. However, not everyone can afford a small business. Larger businesses get the most funding from the government, leaving less funding for small businesses. This eventually gives these businesses no other choice but to close down.
For example, a man named Nirmal, who works in a small business in Manhattan stated, “Economy is hard. Competition is at a higher stake and it makes doing business harder.”
To add on, a 9th grader named Annie Wilamson, who lives in Astoria stated, “I go to plenty of small business in Astoria. I get many of the things I use daily from them. And, I know a lot of friend’s mom’s who are immigrants and run small businesses in Astoria. I’d hate to see them close down.” This indicates that there is a large number of immigrants that came to Astoria with a small business. Shutting down these businesses leave many hard-working immigrants unemployed and struggling.
A new study shows that small businesses have provided nearly half of all private-sector jobs available in the city, more than they did in the 1990s. They are the only ones taking the risks, compared to bigger companies like Starbucks. Furthermore, small businesses are most often run by one person, and at times that is better than working for multiple people. Companies like HSBC’s are aware of these issues and have actually been trying to help out with them.
For example, HSBC have started a new program called the Small Business Spotlight Series. This program provides a personal contract between small businesses and aims to help owners manage their businesses and personal finances. HSBC hopes to grow small businesses and give them more opportunities. Overall, small businesses make up a big portion of our community. Even though bigger companies are moving in, as our society progresses we cannot forget about the smaller ones, who are just trying to run their businesses and grow too. It’s important to raise awareness about this cause before it is too late.
For example, HSBC have started a new program called the Small Business Spotlight Series. This program provides a personal contract between small businesses and aims to help owners manage their businesses and personal finances. HSBC hopes to grow small businesses and give them more opportunities. Overall, small businesses make up a big portion of our community. Even though bigger companies are moving in, as our society progresses we cannot forget about the smaller ones, who are just trying to run their businesses and grow too. It’s important to raise awareness about this cause before it is too late.