Small Business Week is a time to recognize the importance of supporting local businesses. These businesses make up half of the country, according to Small Business for America’s Future. In Maryland, small businesses are even more critical, making up 99.5 percent of the economy and employing over 640,000 people across the state.
One of the main challenges that new entrepreneurs face is access to capital. Whether it’s through loans or grants, this funding is crucial in the first five years of a business to establish stability and growth. The U.S Chamber of Commerce recommends that businesses have three to six months’ worth of cash on hand to weather any financial challenges.
Healthcare costs are another obstacle for small businesses, with about 62 percent nationwide not offering health insurance due to expense. While corporations may offer more benefits, small businesses provide flexibility in hours, creativity, and a sense of community. Small Business for America’s Future is urging politicians to adjust tax reforms to benefit small business owners by rolling back corporate tax cuts and doubling startup deductions.
Rhett Buttle, a Senior Advisor with Small Business for America’s Future, emphasizes the importance of a level playing field for small businesses to compete and thrive. Supporting local entrepreneurs can be as simple as making a trip to your main street businesses rather than choosing online options. This kind of support helps small businesses invest in their communities, hire more people, and grow their business.
In conclusion, National Small Business Week is an opportunity to show appreciation and support for local businesses that play such an important role in our economy. By recognizing their value and working towards creating policies that benefit them, we can help these small but mighty enterprises continue growing and succeeding in our communities.
