In part one of our post, we discussed the impact small businesses play in America’s industrial supply; part two focuses on the necessary support and resources they need. In fact, we believe America needs a Marshall Plan for Small Business centered on business development, workforce development, and capital and financing to help small and mid-sized businesses benefit from the industrial transformation – let’s discuss what’s needed based on the core pillars we identified. 

Business Development

What’s needed: Small businesses require support navigating evolving market conditions, optimizing production, and entering new markets. Consulting services, business continuity planning, and industry tools are essential to help them thrive in this new landscape.

Workforce Development 

What’s needed: Many jobs required for the industrial transformation pay well and do not require a college degree, creating a lower barrier to entry for American workers. Providing the tools that help small businesses recruit and train skilled workers builds the necessary industrial capacity and capabilities while fostering greater economic opportunity.

Capital and Financing

What’s needed: Expanding access to financing for working capital, research and development, workforce investments, and retooling or upgrading facilities will be critical to help small businesses compete in the industrial transformation. Some firms will also need financing for mergers and acquisitions or joint ventures to help them capitalize on emerging opportunities.

A plan forward 

Next Street has established the Industrial Supply Chain Forum to bring together leaders across sectors to share ideas and approaches across the pillars of the Marshall Plan for Small Business to promote economic opportunity in the nation’s industrial transformation.

The Forum has created a platform for collaboration, dialogue, and knowledge sharing to highlight innovative policies and programs. By sharing best practices across regions and sectors, the Forum will equip small and mid-sized businesses to compete in and benefit from the industrial transformation, ultimately driving economic competitiveness and resilience throughout U.S. supply chains. 

This month, Next Street, in collaboration with key partners, will be launching two regional platforms focused on supporting America’s industrial supply chain: 

  • Get in the Game LA (GITG) Supplier Readiness Hub, a platform offering advising, cohort programs, and access to digital learning, with coalition partners the LA Area Chamber of Commerce, LISC LA, and Vermont Slauson Economic Development Corporation. The program capitalizes on the regional infusion of economic activities from public and private investments, most immediately, the 2028 Olympics and the 2026 FIFA World Cup that LA-based supplier businesses can tap into. 
  • MI Hub for Manufacturers connects manufacturers to a suite of services, including advisors, learning courses, events, webinars, responsible capital products, and more. The program is in partnership with the Michigan Department of Labor and Economic Opportunity, its Community & Worker Economic Transition Office, and the Michigan Economic Development Corporation. 

To stay connected to the Forum, sign up for the ongoing newsletter to get more industry insights, news, invites to special events, and more. Don’t forget to visit the Industrial Supply Chain Forum site for the latest webinars, articles, and other relevant resources. 

To learn more about these programs and potential partnerships with Next Street, contact Spencer Lau at slau@nextstreet.com.