Small businesses have always remained the driving force behind the growth of the economy of the United States. Across states in the country, small businesses have continued to propel growth through innovation, generation of revenue through taxes, contribution to the distribution of goods and services, build wealth distribution across the various demographics, while also creating employment for a percentage number of the population of the country’s citizens.

According to an article by usafacts.org on the role small businesses play in the economy, it points out that “Small businesses are 99.9% of all businesses in the US. As of July 2024, there are 34.8 million small businesses compared to 19,688 large businesses. These small firms employ 59.0 million people, or 45.9% of all private-sector employees, and are responsible for 61.1% of overall job growth since 1995.”

For states like Pennsylvania, according to the U.S. Small Business Administration Office of Advocacy, in a 2022 Small Business profile report, highlights that “the state of Pennsylvania has a record number of 1.1 million small businesses within its geographical area amounting to the 99.6 percent of Pennsylvania businesses. These businesses employ about 2.6 million small business employees which makes up 46.2 percent of Pennsylvania employees.”

In the city of Philadelphia, its economic competitiveness has given rise to the growth of small businesses within the city. As pointed out in a publication by The Economy League of Greater Philadelphia (ELGP), one of the region’s independent ‘think-and-do tank bodies, “Philadelphia led the region in small private establishment growth from 2012 to 2018 with an annual average growth rate of 4.4 percent – translating to roughly 5,000 new small businesses per year.”

Renowned as the city of brotherly love, not only has Philly allowed Indigenous small businesses to thrive, but it has also opened its doors for immigrant entrepreneurs to thrive and support the growth of its economy through its Immigrant Innovation Hub also known as Phillyihub.

Established in 2016 and operated under the management of Mt. Airy CDC, the center has continued to provide guidance and support to all entrepreneurs, immigrants, and indigenous alike finding support through educational programs and workshops, consulting, and other varied business support services. According to Mt. Airy CDC, “their mission is to equip adult and youth small businesses with the necessary tools to start, sustain and expand their operations”.

Having served over 3000 more clients, Phillyihub has become the go-to resource center for entrepreneurs looking to visualize the path of growth where they see their businesses. Providing them with the required tools and expertise needed to scale up their businesses, Phillyihub has achieved a flood of testimonials of successes from various business owners making the city rank among several of the cities reputed to be top destinations for startups or establishment of small businesses.

Reviewing their webpage (https://www.fairmountcdc.org/phillyihub), entrepreneurs are welcome to register for free to access a six-community business incubator program that offers classes ranging from “Skills to develop a winning business, Finding customers and testing your idea, Product pricing and funding, Marketing, Sustaining your business, Presenting and pitching your business.

With the growing need to expand the economy, create employment, and ensure efficient wealth distribution across the country, the Philadelphia Immigrant Innovation Hub is set to drive the economy of the city of Philadelphia and ensure that small businesses not only commence operations but thrive as well. This ultimately guarantees the growth of the economy of the state of Pennsylvania and the United States of America.

Okechukwu Nzeribe works with the Onitsha Chamber of Commerce, in Anambra State, Nigeria, and loves unveiling the richness of African cultures. okechukwu.onicima@gmail.com