GROW SD Celebrates Small Businesses in May
Wednesday, May 05, 2021
With spring in the air and the COVID-19 spread slowing, businesses are beginning a journey of recovery. For those looking for an opportunity to support local businesses, May is an excellent time to shop for local goods and services. The month of May includes two recognition weeks - Small Business Week and the 2021 National Economic Development Week.
Small Business Week
The U.S. Small Business Administration (SBA) has historically held its National Small Business Week in the first week of May each year. The COVID-19 pandemic forced 2020’s event to occur in September, but many organizations have been celebrating small businesses this week, May 2-8. Why are small businesses an excellent reason to celebrate? They add character to communities, create jobs, strengthen the economy and offer unique experiences and memories for families. In its 2019 Small Business Profile, the SBA Office of Advocacy indicated 59.9 million employees, or 43.7% of the entire U.S. employee workforce, worked for small businesses. The Bureau of Labor Statistics Business Employment Dynamics indicates that from 2000 to 2018, small businesses created 9.6 million net new jobs, accounting for nearly 65% of all net new jobs in the U.S.
Promoting small businesses is an excellent way to help support a community’s overall economy. A 2018 report from American Express stated an average two-thirds of every dollar spent at small businesses in the U.S. stays in the local community, and every dollar spent there creates an additional 50 cents in local business activity. As an added incentive, every ten jobs created at a local business support an additional seven jobs within the community. We support the local economy as a whole when we support small businesses.
National Economic Development Week
Economic Development Organizations (EDO) provide a critical support structure for small businesses and other economic contributors to their local community. The sixth annual National Economic Development Week (EDW) is May 9-15 in 2021 and represents an opportune time to reflect on the importance of local economic development efforts to building a vibrant and sustainable community. The International Economic Development Council (IEDC) created EDW in 2016 to help increase awareness of local programs that create jobs, advance career development opportunities and improve the quality of life in communities everywhere.
While GROW SD is not an Economic Development Organization, we work alongside economic developers to grow businesses through our business loans and technical assistance. EDW is a chance to recognize economic developers, non-profit organizations, and the local leaders and organizations who work tirelessly to recruit investors, develop businesses, create jobs, enhance the tax base and ultimately improve the quality of life of their communities. There are many resources available for those looking to participate in the events. The IEDC’s #EDW2021 Toolkit offers a number of ideas, while using #EconDevWeek and #EDW2021 on social media can help amplify the value EDO’s have in a community. This excellent video, created by Economic Development Winnipeg, is a fun way to help with that message.
GROW SD works tirelessly to support entrepreneurs and small businesses alongside local economic development agencies. Our support through business lending is invaluable, and we have funds readily available for business use. We work hard to ensure the local community can achieve the highest quality of life possible. GROW SD can help your business today! Contact us to learn how.