President Joe Biden has emphasized the importance of small businesses in a proclamation, calling them the engine of the economy and the heart and soul of communities. In honor of their contributions, the 2024 National Small Business Week will be held from April 30 to May 1. During this week, we will celebrate the perseverance and dedication of entrepreneurs who work tirelessly to see their businesses succeed.
Small businesses are defined by various factors such as firm revenues, total employment, and industry classification codes. Most manufacturing companies with fewer than 500 employees and non-manufacturing companies with annual earnings less than $7.5 million qualify as small businesses. The impact of small businesses on local economies cannot be overstated. They create jobs, stimulate growth, and provide essential goods and services to communities across the United States.
The Bloomington Chamber of Commerce highlights the significance of small businesses in its community. Out of its 870 member businesses, 80% are classified as small businesses. Christopher Emge, director of advocacy and public policy for the Bloomington Chamber of Commerce, notes that small businesses play a crucial role in creating a stronger economic ecosystem by circulating money back into the community through consumer spending.
To commemorate National Small Business Week, the U.S. Small Business Administration is hosting a virtual summit on April 30 and May 1. This 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. To register for this event, visit the US SBA website. The summit is co-sponsored by Visa, T-Mobile, Amazon, among other companies who recognize the vital role that small businesses play in driving economic growth and job creation across America.
In conclusion, National Small Business Week celebrates the contributions made by small businesses to our economy since 1963. These enterprises are identified by various factors such as firm revenues