Issue 11.30

August 1, 2025

EPISODE 24 | BUILDING DELAWARE'S ECONOMIC FUTURE, ONE SMALL BUSINESS AT A TIME

FEATURING GOVERNOR MATT MEYER

Delaware has a new governor—and with new leadership comes new ideas. Since taking office, Governor Matt Meyer has made small business and entrepreneur support a key pillar of his economic development strategy. In this special episode, Governor Meyer joins Kelly to discuss his administration’s approach to strengthening Delaware’s small business landscape. He shares why innovation and small business growth are central to the state’s long-term competitiveness, and how recent initiatives aim to build the talent pipeline, support entrepreneurs, and remove barriers to growth.

Listen to the episode on your favorite streaming platform >

Check out past episodes of the Delaware Deep Dive podcast >

2025 SMALL BUSINESS CREDIT SURVEY

INSIGHTS FROM THE PHILADELPHIA FED

The Federal Reserve’s 2025 Small Business Credit Survey offers a snapshot of the financial health and challenges facing small businesses across the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metro area. With insights from nearly 300 small employer firms, the report highlights key trends in financing, debt, and operational hurdles that are shaping the region’s small business landscape. Read the report >

SURVEY DEMOGRAPHICS:

TOP CHALLENGES IN 2024

Since 2023, the portion of Philadelphia metro firms that reported operational challenges of reaching customers or growing sales and supply chain issues increased, while the portion that cited issues hiring or retaining qualified staff decreased slightly. Firms continued to face financial challenges with increased costs, and more firms reported issues with paying operating expenses and weak sales compared with the previous year.

TOP OPERATIONAL CHALLENGES:

65%

Reaching customers/ growing sales

53%

Hiring/retaining qualified staff

42%

Supply chain issues

TOP FINANCIAL CHALLENGES:

74%

Increased costs of goods, services, and/or wages

66%

Paying operating expenses

51%

Weak sales

TOP ACTIONS TAKEN IN RESPONSE TO FINANCIAL CHALLENGES:

54%

Used personal funds

54%

Used cash reserves

48%

Raised costs business charges

FAST FACT: 63% of survey takers reported that 2024 financial conditions were poor or fair, compared with 57% in 2023.

DON'T FORGET TO NOMINATE!

MARVIN S. GILMAN BOWL

Do you know a small business leader who goes above and beyond—someone who leads with integrity, inspires others, and makes a lasting impact in the community?

Nominate them for the prestigious Gilman Bowl, presented each year at our Superstars in Business awards luncheon. This honor celebrates the legacy of Marvin S. Gilman, a true champion of Delaware small business, and recognizes leaders who embody his spirit. Past recipients include Larry DiSabatino, Pam Cornforth, Tim Boulden, John Burris, and others who have made a lasting impact.

Help us recognize those who make Delaware better. Submit your nomination >

BUSINESS SPOTLIGHT

JAMESTOWN HOSPITALITY GROUP

Founded in 2015 by longtime friends Chris Blackwell and Paul Bouchard, Jamestown Hospitality Group is the force behind beloved brands such as Tonic Seafood & Steak, Park Café, Giordano’s, and Jamestown Catering Co. With multiple venues across Delaware, Pennsylvania, and Maryland, the group continues to expand its presence. From intimate cafés to full-scale catering operations, each new venture reflects their passion for quality service and experiences. Read more >

PHOTO OF THE WEEK

Congratulations to our COO, Kelly Basile, on completing the U.S. Chamber of Commerce’s Institute for Organization Management (IOM), a four-year, 96-credit-hour program for association, chamber, and other nonprofit executives. IOM's curriculum educates executives on all aspects of nonprofit management and topics such as advocacy, media, membership, finance, legal issues, and human resources.