Small businesses are often the lifeblood of a community. They help provide its character, personality and charm, in addition to products, services and livelihoods for local residents. It’s Small Business Week, which gives us an extra reason for celebrating and supporting small businesses and the entrepreneurial spirit and drive of their owners.
Surprising Facts about Small Businesses
The Small Business Administration (SBA) defines a small business as a company with fewer than 500 employees. While the businesses are small, they have a tremendous impact on our local and national economy.
Did you know?
- There are about 30.7 million small businesses in the U.S. (SBA, 2019)
- Small enterprises generate the majority of jobs in the U.S., about 1.5 million annually (Fundera, 2019)
- More than 50% of small companies fail in the first year, and more than 95% within the first five years (Convergehub, 2019)
- The COVID-19 pandemic hit small businesses hard, rendering about 31% non-operational (Facebook, 2020)
How You Can Help
What these numbers show is that small business owners need—and deserve—our support. Our economy needs these entrepreneurs, but they need all of us as well.
How can you help?
- Patronize small, local business when you have the opportunity. While they may not have all the bells and whistles larger companies can sometimes offer, they can make up for it with more personalized service.
- Be patient. Smaller companies often don’t have all the resources of the giants to have items delivered to your doorstep in a day. It may take a little longer to get what you need, but you’ll be helping your local economy if you are willing to wait a bit longer.
- Refer friends and family to local businesses you love and consider giving them a gift certificate for a special occasion.
- Tell the business owners you appreciate them; a few encouraging words could make their day!
- Share their posts on social media with your followers and write positive reviews on their pages.
Tip generously for great service.
How We Support Small Businesses
We are proud to count many local business owners among our members, so we make it our business to understand theirs. Our commercial services include savings and checking accounts for businesses of all sizes; loans, including Small Business Administration, commercial real estate and vehicle loans; lines of credit with flexible options; business credit cards; and cash management services such as direct payments, direct deposits and night drop services. For extra support during the pandemic, we also closed more than $3.5 million in SBA Payroll Protection Program (PPP) loans to local businesses.
If you are a small business owner, count on all of us at Freedom Credit Union to be in your corner. Contact us to learn more about how our services can help your business grow. And to all our members, we hope you’ll join us in celebrating and supporting small businesses this week and all year long.
Jeffrey Smith, VP and Chief Lending Officer
David Chase, Sr. VP, Commercial Lending
Charlene Smolkowicz, Commercial Credit Manager
Andrew Sullivan, Commercial Loan Officer