National Small Business Week celebrates America’s entrepreneurial spirit
It was 1963 when President Kennedy issued the first National Small Business Week proclamation marking the first week in May as a time to observe the critical importance that small business plays in our local and national economies. National Small Business Week (NSBW) serves as the nation’s annual tribute to America’s small businesses and innovative startups, the tireless engines of our economy and backbones of our communities. From Main Streets to innovation hubs, small businesses create two-thirds of net new jobs and still generate 40 percent of our nation’s economic output.
Sixty-one years later, we are thankful that our small businesses saved our local economies during the pandemic and provided essential services big box stores could not. Despite globalization bringing about increased competition from retail giants and online shopping, never has there been such an explosion of entrepreneurialism and small business creation since the end of the pandemic. The Biden-Harris Administration has made it their priority to create an environment that promotes enterprise and boosts the confidence of small businesses, so they can continue to be the pillar of long-term economic growth and prosperity.
America’s entrepreneurs have thrived under President Biden, giving our nation its first, second, and third strongest years of business growth in history. The past three years have been the three strongest years of new business formation in American history. The 17 million new business applications filed during this period show Americans starting businesses at nearly twice the rate—86 percent faster—compared to the pre-2021 average. All this growth despite suffering through a worldwide pandemic, supply chain issues, and inflationary pressures that challenged many entrepreneurs.
Today, people from all walks of life are turning their great ideas into prosperous small businesses – and the face of entrepreneurship is more diverse than ever before, as women and people of color start businesses at record rates. The president’s Investing in America agenda has increased funding to thousands of infrastructure projects nationwide, helped provide tax credits and rebates to small firms wanting to invest in energy efficient improvements, and increased lending to businesses owned by women, minorities, veterans, and those located in rural communities.
Small business owners are the true heroes of our communities because they provide essential services, support higher wages, bolster the local tax base, and help fund our community non-profit organizations. They produce nearly 50 percent of all goods and services and make up nearly 98 percent of all U.S. exporters. That's why the SBA is committed to ensuring that anyone with a good idea can pursue that opportunity. We're helping more Americans than ever access the funds they need to realize their dreams of small business ownership – and that means more jobs, more goods and services, and more resilient communities - no matter the zip code.
The SBA is very proud of its role in fostering business growth across the nation. I congratulate all National Small Business Week winners and awardees from Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming. Not only are small businesses driving the U.S. economy, but they also keep the American dream alive. Please join me in thanking our locally owned small businesses for the positive things they do in our lives each day. For more information on the SBA’s programs and services, please visit www.sba.gov<http://www.sba.gov/> and remember to follow us on LinkedIn and Twitter @SBARockymtn.
