Small Businesses: Driving the US Economy and Fueling Local Communities – Celebrating National Small Business Week with a Virtual Summit
In recognition of their contributions to the US economy, National Small Business Week is being celebrated from April 30th to May 1st, 2024. Small businesses are defined by specific criteria such as firm revenues, total employment, and industry classification codes. Most manufacturing companies with 500 or fewer employees and non-manufacturing companies earning less than $7.5 million annually are classified as small businesses.
President Joe Biden has highlighted the importance of small businesses in a proclamation, calling them the engine of the economy and the heart and soul of communities. The Bloomington Chamber of Commerce agrees, with over 80% of its member businesses classified as small businesses. The director of advocacy and public policy for the Bloomington Chamber of Commerce, Christopher Emge, emphasizes the significant role that small businesses play in the local economy, stressing how money spent at these establishments circulates back into the community, creating a stronger economic ecosystem.
To commemorate National Small Business Week, the U.S Small Business Administration is hosting a virtual summit on April 30th and May 1st. The summit is free for both established and aspiring business owners and will feature sessions on starting a food truck business, developing practical skills for success, and networking opportunities. Registration is required and can be completed on the US SBA website. This event is co-sponsored by Visa, T-Mobile, Amazon among other companies.
