For more than 50 years, the SBA has celebrated National Small Business Week, which recognizes and celebrates the essential contributions of American entrepreneurs and small business owners. This year is different from the previous half century. As small businesses continue to play a central role in building a strong country, they must be prepared for any obstacles in the future.
More than half of Americans own or work for a small business, and they create nearly two in three new jobs in the United States each year. As part of National Small Business Week, the SBA takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners and others who support entrepreneurship
This year, the SBA is hosting a virtual summit from September 13-15, 2021. This year’s event will highlight the resilience of American entrepreneurs and the revival of the small business economy as we emerge from the economic crisis brought on by the coronavirus pandemic. Panels include: “Getting Real on Resilience”, “Making Your Small Business More Accessible” and “Winning in Ecommerce with Email Marketing”.
America is home to over 30 million small businesses that have persevered through persistence, ingenuity, creativity, and, for many, significant government assistance in the form of a successful P3 program.
“Over the past 16 months, we have seen the incredible determination and ingenuity of small businesses across the country. During National Small Business Week, we will honor and celebrate their impact on our economy and strengthening communities as we envision the recovery, ”said Isabella Casillas Guzman, SBA Administrator.
This year’s National Small Business Week activities will take place in a ‘virtual atrium’ and will include numerous educational panels offering retooling tools and innovative practices for entrepreneurs as small businesses seek to pivot and recover. towards a stronger economy.
The SBA, along with its summit partner SCORE – the largest network of expert volunteer business mentors in the country – will share important information about the many programs and services available to help businesses start and grow, build resilience and support, retain employees, discover new markets, and join key networks.
The online event will feature representatives from Fortune 500 companies who will discuss their paths to success and share resources to help companies on their entrepreneurial journey. Highlights of the summit will include virtual booths to develop one-on-one relationships with public and private sector partners to create opportunities for collaboration and real-time information sharing. Plus, small business owners can learn about new business strategies, meet other entrepreneurs, and chat with industry experts.
Before the pandemic, small businesses created 1.5 million jobs per year and accounted for 64% of all new jobs in the United States, according to SEMrush. Due to COVID-19 and its economic consequences, the economy has not been able to function as usual. Many businesses have lost months of revenue and according to the World Economic Forum, about a third of small businesses have closed. This has affected not only individual entrepreneurs, but 47.3% of the country’s private workforce who are employed by small businesses.
Troy Binns, director of Binns Victory Martial Arts, needed help not only with his business and employees, but also to support the community he had built for the youth of Brooklyn, New York, in his dojo. Binns says he loves martial arts because it’s more than just teaching them how to punch and kick.
“It’s about building confidence, being able to stand up for themselves, as well as developing their character,” Binns said.
Promising to produce a “fitness environment which will be supportive, passionate, safe and full of integrity while promoting excellence and fitness” and providing services to build confidence, self-esteem, disciple , self-control and self-defense for kids, Binns couldn’t finish what he loved most because of COVID-19.
“When the pandemic hit, I lost around 90% of my students and the income dropped dramatically,” he said. “I heard about PPP and came through my payroll company, PayChex, who gave advice and helped with the program.”
Thanks to the funding, Binns has been able to continue running a business he has been passionate about since he was two years old. Open since 1976, Binns Victory Martial Arts was able to continue to benefit young people, and Binns was able to continue to run the business he took over from his father in 2014.
During the COVID-19 pandemic, Debbie Elder, principal of Shady Oak School in Richmond, Texas, needed funds to keep her staff and teachers employed while the state was closed due to the pandemic. Thanks to P3 funding, she was able to keep her staff employed and reopened for another school year in better shape than she could have hoped for a year ago.
“The teachers are like my family, and I had to make some really tough decisions about who to bring back. With the PPP funding, I was able to find the staff I worked so hard to find, ”Elder said.
Binns and Elder are among the 42% of entrepreneurs who have applied for one or more PPP loans to deal with the impact of the COVID-19 pandemic, according to Fit Small Business. Small business owners have asked for the following:
Paycheque Protection Program 34%
16% SBA Economic Disaster Loan
5% Traditional or Other Bank Loan
How the loans would be used was determined differently by small business owners:
75% of payroll and staff
62% operating expenses
20% marketing and promotion
20% new equipment or technologies
In unprecedented times, the majority of small business owners endured, and many are now thriving. With the help of banks, FinTech companies, and other lenders, they have secured the capital they need to survive and are able to support their businesses, employees, and communities. We celebrate them during National Small Business Week.