President Joe Biden recently emphasized the importance of small businesses in a proclamation, calling them the engine of the economy and the heart and soul of communities. In recognition of their contributions, the 2024 National Small Business Week will be held from April 30 to May 1, honoring the perseverance and dedication of entrepreneurs who work hard to see their businesses succeed.
Small businesses are defined by several factors, such as firm revenues, total employment, and industry classification codes. Most manufacturing companies with 500 or fewer employees and non-manufacturing companies earning less than $7.5 million annually qualify as small businesses. The impact of these businesses on the local economy cannot be overstated. For instance, in Bloomington, small businesses play a significant role, with 80% of the 870 chamber member businesses classified as such.
The director of advocacy and public policy for the Bloomington Chamber of Commerce, Christopher Emge, highlighted the positive impact that small businesses have on the local economy. He explained how money spent at these establishments circulates back into the community, creating a stronger economic ecosystem. This sentiment is echoed by many other cities across America where small businesses contribute significantly to their communities’ growth and development.
To commemorate National Small Business Week, the U.S. Small Business Administration will host a virtual summit on April 30 and May 1. The summit is free for both established and aspiring business owners and will feature sessions on starting a food truck business, developing practical skills for success, and networking opportunities. Registration is required and can be completed on the US SBA website. The summit is co-sponsored by Visa, T-Mobile, Amazon, among others companies that recognize the importance of supporting small business owners in achieving their dreams.
In conclusion, National Small Business Week serves as an opportunity to recognize and honor small business owners who have contributed immensely to our economy since 1963