Support for Small Businesses
8 May 2019
Small businesses have an oversized impact on the economy. According to the Small Business Administration, two out of three new jobs in the private sector from 2000-2017 were created by small firms.
The first full week of May is National Small Business Week across America. It’s an opportune time to recognize the importance of local businesses and their role in bolstering our area’s economy.
Because small businesses have a big impact, the North Central Economic Development Association (NCEDA) works in partnership with Region 5 to offer loans to support area business growth.
“Entrepreneurs and small businesses make up the backbone of our region’s economy. They strengthen our local and regional economy by creating jobs, and fueling new services and innovations,” says Stephanie Barney, NCEDA business loan developer.
Barney points out that it’s important for businesses to be able to access adequate, affordable financing for development and expansion.
An NCEDA loan helped the young entrepreneurs behind Digital Ink Design & Graphics buy a large format printer. This greatly enhanced the service offerings of the growing company, allowing it to do more production in-house. Similarly, the 3 Cheers Hospitality restaurant group and catering company received a loan that allowed it to expand operations and open up Iron Range Eatery in Crosby.
The many benefits of small businesses
Besides employing local residents and strengthening the economy, small businesses improve the quality of life in our communities, adding services and amenities. And they typically feature more personalized customer service.
Small businesses also make our communities more enjoyable places to live and visit. Serious shoppers seek out unique stores like Baby’s on Broadway. Residents and visitors alike appreciate quality restaurants like Prairie Bay or coffee shops like Stomping Grounds. We have small business owners to thank for that.
Patronizing small businesses
Region 5 has a wealth of hardworking and innovative small business owners who help make our communities great. During National Small Business Week and beyond, local companies deserve our appreciation and support.
You can show your support by being thoughtful about your purchases all year round. Instead of dining out at a chain restaurant, you can choose to spend your dollars at locally owned cafés and restaurants. Instead of shopping online, visit a local boutique or gift shop to buy gifts for your friends and family.
These small daily decisions add up and can have a big impact on the revenue mom and pop businesses generate in a given year. Making active choices about spending locally keeps money within our communities where small businesses create local jobs and give back.
Thank you to all our small business owners
We want to send a huge thank you to the small businesses that enhance our communities and make them a wonderful place to live and work. Your contributions are invaluable.
For more information on National Small Business Week, click here. The Small Business Administration is offering a free virtual conference May 7-8 where small business owners can network and access expert advice.