Small businesses thrive despite tariffs and AI
Small businesses report experiencing growth and hiring employees. Major companies are raising prices and laying off workers over concerns about tariffs.
Fox – 5 Atlanta
Frustrated with their jobs and the chaotic state of the world, Matt and Elaine Wyant quit their jobs in 2012, took their toddler and newborn and rented a small house in the Costa Rican jungle.
Although they lived on a tight budget, they treated themselves to freshly made chocolate bars every Saturday from the local farmers market. One night, they realized that if they learned how to make the chocolate, they could take it back to their home in Atlanta and sell it.
They can “build their own world by building their own work,” Elaine said. “It was a way to create a vision of the world that we wanted to leave to our children.”
“We came back basically penniless, but with 50 pounds of cocoa beans that we brought home in a duffel bag to start making chocolate in our apartment to sell at the farmers market,” Matt said.
They successfully opened their first micro-chocolate factory and store, Chocolator, in 2014 without any prior entrepreneurial experience. The second store will open this month.
One of the best pieces of advice they received was to develop relationships with local banks, Matt said. Getting started was “as easy as joining,” and with regular guidance, Xocolatl was able to improve its balance sheet and obtain financing to purchase the equipment it needed to grow.
Providing startup guidance and funding to small and medium-sized businesses is the goal of the first phase of JPMorgan Chase’s American Dream Initiative (ADI). Small businesses are the backbone of the U.S. economy, but the No. 1 reason many businesses fail is because they have negative cash flow, or too little money coming in to cover their expenses, according to the U.S. Chamber of Commerce.
Ben Walter, CEO of Chase for Business, said: “Small businesses are key to shared prosperity.” “They are a huge part of the economy and are the engine of job growth.”
How does JPMorgan intend to further the American Dream?
JPMorgan initially plans to strengthen the American Dream by supporting small businesses, creating a chain reaction that improves the everyday lives of Americans.
“The American Dream is alive, but it is slipping out of reach for too many people and for future generations,” said Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co. “This slows economic growth, hurts communities, and prevents many people from moving forward.”
A Times-YouGov poll of 1,821 adults found that only 38% think the American Dream exists for everyone, and 59% think it is less attainable “for all Americans” than it was when they were growing up. Almost half of respondents believed that today’s children will be in an even worse situation when they grow up than their parents are now. Only 17% said the next generation would be better off.
The bank plans to support 3 million new small business customers, in addition to its current 7 million. It plans to lend up to $80 billion over the next 10 years through loans and support to community-based banks and investment funds. At the end of 2025, JPMorgan had lent $33 billion to small businesses and other customers.
JPMorgan Chase announced it will hire an additional 1,000 small business bankers to join its existing network of 5,000 people in branches nationwide to connect small business owners to these financial resources.
Talking to a banker won’t automatically guarantee you a loan, but your banker will be able to review your business’s financial situation and advise you on the steps you need to take to qualify for various loans.
Later stages of the JPMorgan Chase Initiative will focus on homeownership, health care access, and other economic priorities for Americans.
How does entrepreneurship fit into the American Dream?
Americans increasingly see entrepreneurship as a way to take control of their future.
In Wells Fargo’s 2026 Money Survey, nearly two-thirds of adults said owning a business is part of the American Dream. This sentiment is most evident among younger generations, with three in four Gen Z adults and more than half (58%) of Millennials wanting to own their own business someday.
Jason Wong, 28, who immigrated from Hong Kong with his mother when he was 8 years old, is one of many young Americans who see entrepreneurship as a path to financial security..
From the moment she arrived in the United States until she was 16, Wong worked in the kitchen of a relative’s restaurant, peeling shrimp, taking orders, and everything in between.. That’s when a classmate introduced him to internet marketing to make money. One of his first jobs was with Shein, a fast fashion e-tailer. Shein was not yet the retail giant it is today.
“While doing so, I realized that I could make my own products and sell my own brand,” Wong said. “Why would you do that for someone else?”
He started the first of many businesses and eventually quit community college. His efforts include memeware, eyelashes for Asian Americans, and his latest venture, packaging company Packing Duck.
Like Wong, Haley Caraway found her calling early on. Since receiving my first Wilton Decorating book in 7 years.th During her school years, she dreamed of owning a bakery.
“I’ve always loved art. My mother taught me economics at home and allowed me to do it in the kitchen,” she said. “I made everything in it.” She baked and sold desserts throughout her teens.
She was about a semester away from graduating college when she decided to quit and open the first Hayely Cakes and Cookies in Austin, Texas. Since then, Calloway, 35, has opened three more bakeries.
Older Americans are also starting businesses
Young Americans may be the most eager to own their own business, but the desire for entrepreneurship can strike at any age. Randy Kukak was retired and playing golf when he came up with the idea for a new product.
Troubled by leaves on the greens, he and a friend invented the ZoomBroom, a lightweight cordless vacuum cleaner for homes, garages, golf bags, and outdoor lifestyles.
“It took almost six years to get it to market,” he said. “The American dream of being your own boss is not easy because you worry about bills and payroll. I’m 72 (years old) now. I plan to retire again someday.”
spread of success
The success of small businesses is the lifeblood of the economy. They account for 44% of the U.S. gross domestic product (GDP), a measure of economic activity, according to the independent Advocacy Office within the U.S. Small Business Administration.
It also says it has created about two-thirds of new private sector jobs since 1995.
Additionally, entrepreneurs can share their values and invest in their local communities through their businesses..
Chocolator, which makes award-winning chocolate, does everything with sustainability in mind, Matt said. The company fairly compensates the local cocoa farmers that supply its beans and is certified climate neutral. We also provide free facility tours and programs to Atlanta Public Schools and have supported hundreds of small local nonprofits over the years.
Meanwhile, Wong says his legacy is to be who he is. “I’m not in the financial industry, I’m not a doctor, I’m not a lawyer, so I’m not successful by Asian parent standards,” he says. “That’s how I felt.” Therefore, he said he wants to be an example to show other Asian Americans that the traditional path that parents want for their children is not the only option.
Medora Lee is USA TODAY’s money, markets and personal finance reporter. Please contact us at mjlee@usatoday.com. Subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
