Innovation Unlocking opportunity: How collaboration is powering small business growth

Small businesses do not just support the American economy — they drive the American economy. From neighborhood bakeries to precision manufacturers, they create jobs, spark innovation and bring local character to every community. But behind the storefronts and factory floors, many small business owners face a similar challenge: access to capital.

That’s why Visa recently welcomed U.S. Small Business Association (SBA) Administrator Kelly Loeffler to the Visa Payments Vault in Washington, D.C. for a fireside chat with Kim Lawrence, Visa’s regional president for North America. Together, they acknowledged the persistent challenges facing entrepreneurs and spotlighted real solutions — like easier access to working capital, stronger networks and support systems and more accessible technology — to unlock growth for Main Street America.

Here are the key takeaways:

1. Working capital is essential — but not always accessible.

According to the National Small Business Association, nearly 40 percent of small businesses say they can’t get the funding they need. Visa’s own small business survey data echoes this challenge, with a significant share of entrepreneurs expressing a need for more flexible and accessible financing options. Loeffler noted a 15 percent year over year increase in SBA loan activity — a promising sign that public-private partnerships are making a difference — but barriers like high interest rates, fewer community lenders and complex loan processes persist.

Lawrence emphasized how many small businesses turn to credit cards when traditional lending falls short — and how Visa equips issuers with a suite of products and value-added services designed to expand access to lending — helping them accelerate growth, enhance customer experience and deliver smarter credit solutions at scale.

Takeaway: We need to make capital not just available, but also faster and more inclusive.

2. Stronger networks drive resilience and growth.

“Not every business is ready for a loan,” Loeffler noted. “But they may need business counseling.” That’s where the SBA’s nationwide network of Small Business Development Centers (SBDCs), SCORE mentors and SBA regional offices come in.

All around the country, private companies are helping set up peer learning networks to offer critical mentorship, technical assistance and access to expertise. Visa’s programs, such as PracticalBusinessSkills.com and its Small Business Hub, offer digital tools and resources to entrepreneurs and regularly host small business empowerment events across the country. Because when small businesses connect with each other, and with resources and experts, they don’t just survive, they’re better equipped to thrive.

Takeaway: Strong networks not only open doors; they build resilience.

3. Innovation: From buzzword to business booster.

Technology isn’t just for Silicon Valley. It’s transforming how small businesses operate, from streamlining payroll to reaching more customers around the world. Loeffler predicted a “productivity boom” driven by digital adoption that will help fuel American industries and build a skilled workforce.

With decades of artificial-intelligence-powered fraud prevention and a global payments network, Visa has invested — $12 billion over the last five years alone — in technology to help businesses of all sizes detect and stop threats in real time, protecting transactions and consumer trust across the payments ecosystem.

Takeaway: You don’t have to go big on tech overnight. But taking even small steps toward digital transformation can unlock big gains.

Watch the full conversation, plus a panel discussion featuring Todd McCracken, CEO of the National Small Business Association, Michael Canty, president and CEO of Alloy Precision Technologies, and Visa's Head of Small Business Denise Press, on LinkedIn.