Since 2020, the U.S. has seen an unprecedented surge in new business formation, particularly among women and Black, Asian, and Hispanic Americans. Entrepreneurship can be a key path to financial resilience and economic mobility in the United States—but the rewards also come with risks.

During National Small Business Week in May, the nation celebrated the important role that Main Street businesses play as an economic driver for their communities. Yet even as the focus on employee wellbeing, and financial wellbeing in particular, grows in importance among human resources and benefits leaders, millions of small businesses – particularly historically underestimated businesses led by entrepreneurs of color – are unable to access the types of benefits and solutions that can help their employees thrive financially.