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Capital and technical assistance are critical, but so is time.

Why it’s important: Thought leaders agreed that knowing or having access to the technology is not enough if these businesses don’t have the time to actually implement those technological strategies.

Experts believe it’s important to focus not just on access to capital but also to have a holistic look into “the life cycle of becoming an entrepreneur.”

  • A small business development expert noted that childcare is a bigger obstacle for women entrepreneurs than access to capital.
  • Another small business leader pointed out that most minority-owned SMBs don’t have the time to invest in their long-term growth because they have to focus on trying to remain open on a week-to-week basis.

Small businesses also need time to apply properly for loans as any time spent away from earning can lead to loss in revenue, a finance leader from a large banking organization said.

The takeaway: SMBs trying to bridge the gap between lack of funding and innovation are in need of time. Technology companies and policymakers should consider different ways in which they can support SMBs to innovate in a time of crisis.

Go deeper

Ro Khanna: Government must focus lending on rural and minority communities

Photo: Axios screenshot

Rep. Ro Khanna (D-Calif.) said during an Axios virtual event that the Federal Reserve Board needs to be able to give loans in rural and minority communities, which have been some of the most affected during the coronavirus pandemic.

Why it matters: People in rural and minority communities have been disproportionally impacted by the coronavirus.

Biden details new vaccination initiatives as COVID cases surge

Joe Biden. Photo: Anna Moneymaker/Getty Images

President Biden detailed several new initiatives on Thursday to get more Americans vaccinated and slow the spread of the Delta variant.

Why it matters: The plan outlines aggressive next steps from the federal government as COVID-19 cases surge across the country due to the contagious Delta variant and as demand for vaccines has tapered off.

Senate passes $2.1 billion Capitol security funding bill

U.S. Capitol police officers testify during a House select committee hearing on the Jan. 6 Capitol riot on July 27, 2021. Photo: Andrew Caballero-Reynolds/Pool via Xinhua

The Senate passed a $2.1 billion Capitol security funding bill Thursday by a 98-0 vote.

Why it matters: The legislation provides funding for the Capitol Police, the National Guard and other agencies to cover the costs incurred during the Jan. 6 Capitol riot.