The National Small Business Week is hosted each year by the U.S. Small Business Administration (SBA) to recognize the critical contributions of America’s entrepreneurs and small business owners. There is no question about it: small businesses are the leading drivers of the U.S. economy.
As of 2020, the U.S. Small Business Administration reported that small businesses make up 99.6% of North Carolina businesses and 45.3% of North Carolina’s workforce. Additionally, 85 percent of employer businesses have fewer than 19 employees and comprise over 25 percent of private sector jobs, with estimates showing there are over 500,000 jobs and almost $17 billion of payroll at stake.
Small businesses provide significant economic benefits to local communities. One benefit is the creation of jobs. In 2020, small businesses in North Carolina created over 60,000 jobs. Another benefit of small businesses is that they bring innovation to industry fields. Small businesses have the advantage of working more directly with customers and the public. This interaction allows for small business owners to be aware of the needs and wants of those they serve. Small businesses also help to keep money local. As small businesses collaborate and support each other, it helps to grow the local economy. As a result, we are able to see an improvement in matters such as schools, housing, transportation, and other local services.
Lastly, small businesses are more adaptable to economic changes within the community. Due to being local, small business owners are more flexible and responsive to the needs of the public. During the pandemic, we were able to see the adaptability of small businesses as many nonprofits and small businesses had to quickly shift to respond to the new needs of the public.
Want to help celebrate local small businesses? Here’s how!
- Visit sba.gov to nominate your favorite small business and to learn more about National Small Business Week.
- Use the hashtag #SmallBusinessWeek to give a shoutout to small businesses in your community.
- Support local small businesses by buying local and donating. Visit the Greensboro Chamber of Commerce to learn how you can support local businesses https://greensboro.org/covid19/support-local-businesses/.
- Spread the word! If you operate a small business, share with others the inspiration behind your business. If you are a customer, share why you love the small businesses in your community.
To learn more about National Small Business Week and small business resources, please visit https://www.sba.gov.
Arjanai Miller, Marketing and Communications Officer