As the hustle and bustle of holiday shopping approaches, nestled between Black Friday and Cyber Monday is a day that truly captures the essence of American ingenuity – Small Business Day. This year, the Biden-Harris Administration is making waves in its support for small businesses, and the impact is palpable.
Small Business Saturday: Your Local Heroes Need You
Small Business Saturday, on November 25th, is more than just a date on the calendar. It’s an opportunity to celebrate and uplift the local businesses that make our communities unique. This year, the Biden-Harris Administration is not just talking about support; they’re taking concrete steps to boost the backbone of our economy – small businesses.
A Surge of Entrepreneurial Spirit
Amid the frenzy of the holiday season, there’s a remarkable story unfolding – a record 14.6 million Americans have filed applications to start their own businesses under President Biden’s watch. This surge is a testament to the belief that investing in small businesses isn’t just good for the economy; it’s a catalyst for confidence and optimism.
Entrepreneurs of color, in particular, are experiencing a positive shift. Recent data from the Federal Reserve’s Survey of Consumer Finances shows significant increases in the share of families owning businesses, with Black households leading the way. The Biden-Harris Administration proudly reports achieving the fastest growth in Black business ownership in over 30 years.
Your Role in Small Business Success
As we gear up for Small Business Saturday, it’s crucial to understand the tangible actions being taken to support local businesses. It’s not just about policy; it’s about people – your neighbors, friends, and fellow community members who run these small enterprises.
$50 Million Boost: Your Community, Your Investment
The U.S. Department of the Treasury is injecting $50 million from the American Rescue Plan into the State Small Business Credit Initiative’s (SSBCI) Technical Assistance Grant Program. This means more than just numbers; it means legal, financial, and advisory services for over 10,000 small businesses in underserved communities. It’s an investment in your community’s future.
SBA: Your Ally in Small Business Growth
The Small Business Administration (SBA) is not just a government entity; it’s your ally in small business success. In Fiscal Year 2023, a whopping $50 billion in capital was delivered to small businesses. More than just statistics, these funds translate to real support for minority-owned businesses, women-owned ventures, and those run by veterans.
|SBA Lending Category
|How it Impacts You
|Total SBA Lending
|$108 billion in loans during the Biden Administration – a 32% increase
|Over 32% of the SBA’s loan portfolio now supports minority-owned businesses
|Women-Owned Small Businesses
|More than $5 billion injected into businesses led by women
|Veteran-Owned Small Businesses
|Over $1 billion supporting businesses owned by veterans
Bridging Gaps for Small Businesses
Recognizing the need for small-dollar loans, the SBA has delivered nearly $90 million in microloan funding. Why does this matter? Because these loans, of $50,000 or less, directly impact local businesses, with 35% going to Black-owned businesses and 15% to Latino-owned ones.
Beyond Money: Collaborations for Growth
The collaboration between the Small Business Administration (SBA) and the Department of Agriculture (USDA) is not just bureaucratic paperwork. It’s a commitment to creating jobs and fostering economic growth in small and underserved communities, especially in rural areas.
Your Call to Action
This isn’t just about government initiatives; it’s about how you can play a role in supporting your local businesses. As we approach Small Business Saturday, consider these steps:
- Shop Local: Opt for local businesses when making your holiday purchases. Your contribution directly supports your community.
- Spread the Word: Share the success stories and initiatives on social media. Encourage your friends and family to participate in Small Business Saturday.
- Engage with Your Community: Attend local events and markets. Connect with the faces behind the businesses. Your presence matters.
- Be Informed: Understand the resources available to small businesses in your community. They may not know about the support they can access.
- Support Diversity: Seek out businesses owned by women, minorities, and veterans. Your choices can contribute to a more inclusive economic landscape.
Celebrating Resilience: A Call for Community Support
As we navigate the excitement of the holiday season, let’s not forget the backbone of our economy – small businesses. Small Business Day is not just a date; it’s an opportunity to celebrate resilience, creativity, and the entrepreneurial spirit that makes our communities thrive.
This Small Business Saturday, let’s join hands to support and celebrate the hardworking individuals who pour their hearts into local businesses. In doing so, we contribute not just to the economy but to the very fabric of our communities. After all, when small businesses flourish, our neighborhoods flourish, and that’s a cause worth celebrating.