Equality of opportunity is key to economic growth: Fmr. Biden official

What does it take to succeed as a small business owner in today’s economy? According to Jonathan Lovitz, a former Biden administration official, it’s not just about surviving, but ensuring everyone has an equal chance to thrive. As director of public affairs and senior advisor at the U.S. Economic Development Administration (within the U.S. Department of Commerce) and former senior vice president of the National LGBT Chamber of Commerce, Lovitz knows a thing or two about this subject. Lovitz advocates for policies that raise all boats, especially those of marginalized entrepreneurs.

In this episode of Living Not So Fabulously, Lovitz spoke with the hosts David and John Auten-Schneider and explained how supporting diverse communities, particularly LGBTQ+ business owners, is essential to building a stronger, more resilient economy for all.

Lovitz highlights the importance of access to capital, opportunity and growth for small businesses, regardless of their origin. He emphasizes that inclusive and “place-based” economic strategies enable entrepreneurs to succeed within their own communities. “When one of us stands up, we all stand up,” he said, emphasizing the collective power of diverse business owners who contribute nearly $2 trillion to the U.S. economy each year.

For Lovitz, it’s about opening the doors and creating a space for everyone to compete, without giving special treatment, but ensuring equal opportunities for everyone.

For full episodes of Living Not So Fabulously, listen on your favorite podcast platform or watch on our website.

Yahoo Finance’s Living Not So Fabulously is created and executive produced by Rachael Lewis-Krisky.