Sunday marks the first day of the 2024 National Small Business Week, which since 1963 has shown appreciation to small businesses and their owners’ contributions to the United States’ economy.
According to the US Small Business Administration, small businesses are defined by their firm revenues, total employment and varies by North American Industry Classification Codes. As stated on the U.S. SBA website, most manufacturing companies with 500 or fewer employees and non-manufacturing companies with a total annual income of less than $7.5 million qualify as a small business.
On April 26, the White House Briefing Room released “A Proclamation on National Small Business Week, 2024.”
“Small businesses are the engine of our economy and the heart and soul of our communities. They employ nearly half of all private sector workers and contribute to every industry,” President Joe Biden said in the proclamation. “Getting them what they need to grow is one of the best investments our country can make. During National Small Business Week, we celebrate the grit and strength of every entrepreneur who has chased a dream and put in the hard work each day to see their business and our Nation thrive.”
Christopher Emge, director of advocacy and public policy for the Bloomington Chamber of Commerce, sent a statement via email regarding National Small Business Week and the small business community in Bloomington. Of the 870 chamber member businesses, 80 percent are small businesses, Emge said.
“Their sweat equity makes Bloomington the vibrant community we all cherish,” Emge said in the email. “The money spent at these establishments circulates back into the community creating a more robust local economy. Small businesses also tend to use other local businesses for their products and services.”
In honor of National Small Business Week, the U.S. Small Business Administration will host a virtual summit from 11 a.m. to 6 p.m., April 30 and 9 a.m. to 3 p.m., May 1 — free for both established and aspiring business owners to attend. The event, co-sponsored by Visa, T-Mobile and Amazon among others, will host several sessions including “How to Start a Food Truck Business: A Step-by-Step Guide,” “8 Practical Skills to Run a Successful Business," and various networking rooms to visit. Registration is required and can be completed on the US SBA website.
