Small businesses are the backbone of the U.S. economy, employing nearly half of the American workforce and representing 43% of America's GDP. When entrepreneurs come together to learn from one another, share resources and exchange best practices, they ultimately strengthen the communities that rely on them.

The proof: 99.9% of all businesses in the U.S. are classified as small businesses. In Ohio, they make up 99.6% of all businesses and employ nearly half the workforce.

What you need to know: Small business empowerment is a cornerstone of Mastercard's mission, offering tools and opportunities that help entrepreneurs launch and grow.

"It's about rolling up your sleeves, getting into the communities and doing the real work together," says Mike Kresse, executive vice president of commercial and new payment flows at Mastercard.

This came to life at Mastercard's recent Aurora, Ohio event, Empowering Small Business: Strategies for Success, bringing together local business owners, policymakers and industry experts to provide actionable insights, networking opportunities and hands-on guidance.

The event brought Ohio entrepreneurs and Mastercard leaders together for a day of learning and connection. It consisted of workshops about capital, cybersecurity, marketing, and mainstage discussions on tech, and policy's role in prioritizing small business growth. Additionally, a resource fair highlighted community partners like Creative Solutions, Key Bank, and Pivoting Purposefully LLC.

As guests networked, the room was alive with small business owners bouncing ideas off one another, and local providers sharing advice and best practices.

Diego Hodge, founder and CEO of business consulting firm Blabberworks Management, was among the event attendees. He praised the event for providing the opportunity to get together with peers and collaborate — which he says is essential for small business owners.

• "Business is about contact, and it's beneficial to have like-minded entrepreneurs and professionals in one room for dialogue," he says.

LaTasha Vandyke, founder and financial coach at Claim It Financials, was eager to highlight the lessons she learned at the event that she'll be applying to her own business.

• "The importance of knowing where your audience is going to be, how to reach them and understanding the impact cybersecurity can have on you stood out to me," she says.

As guests awaited the mainstage panel conversations, the lively chatter in the room shifted to focused anticipation.

On stage, the conversations with Greater Cleveland Partnership president and CEO, Baiju Shah, and Rep. David Joyce (R-Ohio) highlighted how technology and policy shape the small business landscape.

• "Technology is an ultimate leveler of small business to large business, access to information, access to markets, access to suppliers, all of it gets a lot easier because of technology. And that's becoming an advantage for small businesses," says Shah.
• "Small businesses are the backbone of America. It's important we make sure they have the wherewithal to grow," says Joyce.
• "We have to be consistent in our application of our policy, so it doesn't hurt small businesses or individuals," says Joyce.

In the View from the Top onstage conversation, Mastercard's Mike Kresse, emphasized how small businesses fuel the economy on a national and local level, and the importance of utilizing available resources to strengthen your business — especially in areas like digital adoption.

• "There is resourcing available to continue pouring into the small business community, to continue solidifying that backbone of our U.S. economy," says Kresse.

• "Companies that deploy at least four different ways of being paid from their clients end up seven times more likely to drive growth than companies with a single payment modality. Embracing that technology is not that challenging, you just need to have the conversation," says Kresse.

Debra Gipson, founder and CEO of StoryNest Media attended the event as well — sharing that these conversations were directly applicable to issues she faces running her business daily.

• "I learned so much about finance, business, and the importance of making sure that you have the five C's for your credit (character, capacity, capital, collateral and conditions)," says Gipson.

The event instilled the understanding that while small businesses face complex challenges, practical tactics can help owners navigate these difficulties.

1. Digital presence drives growth: Know your audience, start small, stay consistent and track results.
2. Cybersecurity is survival: Protect your business with basic tools, training, and trusted resources.
3. Readiness is resilience: Plan finances, watch trends and build community connections to stay prepared.

As the event concluded, guests left with information about the local resources they can turn to for support, and the tools that Mastercard offers to help their businesses thrive.

Events like this are one of the many resources Mastercard has available for small businesses. Others include:

• Digital Doors: Helping businesses navigate getting online and furthering their digital marketing.
• Small Business Navigator: A program offering education, insights, protection and planning tools for small business owners.
• Strive USA: Supporting minority businesses through connection and digital solutions.
• Small Business AI: A conversational AI chatbot tool helping guide small businesses specifically.

The takeaway: Small businesses are the building blocks of America's local communities. Mastercard is working to ensure those businesses have the resources they need to grow by delivering tools and insights, and ways to connect with its network of partners.

Join Mastercard's Small Business Community today.