National Small Business Week is a time to support local businesses and recognize their importance. Small businesses employ about half the country, according to Small Business for America’s Future. In Maryland, small businesses make up 99.5 percent of the economy, with over 640,000 businesses across the state.
One of the main challenges for new entrepreneurs is access to capital, whether through loans or grants. This is crucial in the first five years of a business to establish stability and growth. The U.S Chamber of Commerce recommends that businesses have three to six months’ worth of cash on hand to weather any financial challenges.
Healthcare costs are another obstacle for small businesses, with about 62 percent nationwide not offering health insurance due to the expense. While corporations may offer more benefits, small businesses provide flexibility in hours, creativity, and a sense of community. Small Business for America’s Future is urging politicians to adjust tax reforms to benefit small business owners, such as rolling back corporate tax cuts and doubling startup deductions.
Rhett Buttle, a Senior Advisor with Small Business for America’s Future, emphasizes the importance of a level playing field for small businesses to compete and thrive. Supporting local entrepreneurs can be as simple as making a trip to your main street businesses rather than choosing online options. This kind of support helps small businesses invest in their communities, hire more people, and grow their business.