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Angi Homeservices Co-Founder Implores Congress Not To Ignore 'Really Small' Businesses

Jayson Derrick
·2 min read

Angi Homeservices Inc (NASDAQ: ANGI) is a digital marketplace for home services and boasts 250,000 small businesses on its network and its co-founder Angela Hicks has a simple message to U.S. Congress: don't forget about the "smallest of the small" businesses.

What Happened

Congress deserves credit for taking steps to pass funding initiatives for helping small businesses to cope with the coronavirus, Hicks said on a "Bloomberg Markets" interview. Often ignored in the conversation are small businesses with five employees or less. These companies lack the resources and capabilities that a small business with 250 employees have, namely understanding the regulatory landscape and hurdles in applying for stimulus loans.

Stimulus initiatives and small business loans need to be "simple" and "easy" to access because they are facing new challenges that have never been felt before, she said. Some of these businesses may not even have a banking relationship which could make the process "overwhelming."

Why It's Important

Not all of the small businesses on Angi Homeservices' platform are feeling immense pain, as some occupations like electricians are deemed essential services. If a water heater or other electric device is not functioning, a homeowner simply can't wait around for a few weeks, or longer for it to be fixed.

Many home service experts have excelled at adapting standard practices of social distancing, including innovating ways of doing some of the work over a video conference, she said.

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