Thanks to their influence and reach, small businesses have the potential to impact local communities in numerous ways.
Small businesses are booming. Information from the Small Business Administration and the U.S. Census Bureau’s Annual Survey of Entrepreneurs says that small businesses, or firms with fewer than 500 workers, accounted for 99.7 of businesses in 2016, the most recent year for data. Firms with fewer than 100 workers accounted for 98.2 percent of companies.
Thanks to their influence and reach, small businesses have the potential to impact local communities in numerous ways.
• Small businesses employ local residents. The Statistics Department of Labor Survey indicates companies with fewer than 100 employees employed 69.7 of the population in 2017. According to the SBA’s Office of Advocacy, small businesses accounted for 61.8 percent of net new jobs in the United States between 1993 and 2016.
According to Kerry Black, CEO South Dade Chamber of Commerce, “Almost all businesses in Miami-Dade are small, with 98.2 percent employing fewer than 100 workers. Most businesses –81.3 percent–are microbusinesses, i.e., they employ fewer than 10 workers. These businesses are not just the backbone of our economy, they provide the lifeblood to our South Dade communities”.
• Small businesses are innovative. The SBA notes that small businesses represent about 96 percent of employer firms in high-patenting manufacturing industries. That suggests that small businesses are full of new ideas.
• Small businesses support local charities. Many local businesses give to charity, particularly local charities. Some donate money while others may offer their professional services or event spaces, each of which can be particularly helpful to local communities
“The Florida Main Street program encourages economic development and is dedicated to bringing jobs, dollars and people back to Florida’s historic districts. A revitalized district attracts new industry and strengthens service and retail job markets. In addition, revitalization stabilizes and improves the area’s tax base, while also protecting existing investments. In an economically healthy downtown, the small business owners can afford to maintain their historic buildings and preserve an important part of the community’s heritage and sense of place. The small business owner is a key player in this revitalization effort”, said Yvonne Knowles, Executive Director, Homestead Main Street
• Small businesses contribute to community identity. Small businesses contribute to the charm and character of a town or city. Many local businesses make up the fabric of Main Street, and towns are known and loved for the businesses that have endured
• Small businesses help the environment. Shopping locally means consumers do not have to travel far to get their goods and services. The United States Environmental Protection Agency’s research report on walkable downtown centers found small businesses encourage walking and cycling, helping to reduce air pollution from vehicles
“When a person supports a local business, they are directly contributing to the economic development of that community. They are helping to increase the property value of homes, bring more businesses to the community, and helping out local schools. Furthermore, when they buy from a local business, it tends to create a buzz about the community which will bring more people help and thus inject more capital into the community’, said Erick Caceres, Business Development Officer, Center State Bank
• Small businesses keep money in communities. Local businesses keep disposable income and tax money within their communities. Business tax money remains local and can support schools, roads and municipal services.
Local small businesses are the life force that keeps cities and towns prosperous and humming along. Such establishments help build a sense of community and forge lasting relationships.
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