National Small Business Week, which began on Sunday, April 29 and runs through Saturday, May 5, is a time to highlight the role small businesses play in our economy. Small businesses represent 99% of all employer firms and account for half of our nation’s jobs and economic output. Innovation by small businesses spurs growth throughout the entire economy and boosts prosperity in their local communities, and NSBW is an important time to celebrate these contributions.
Access to Capital
A few years ago, Rachel Bernier-Green was looking for an outlet from the stress of her intense job at a multinational accounting firm and discovered a passion for baking. It didn’t take long before friends and family were encouraging her to sell her baked goods to the masses. Rachel founded ‘Laine’s Bake Shop, LLC in 2013 using a shared kitchen space, working on the side to get her business off the ground. After a few years of baking part-time, Rachel decided to finally quit her job and start a bake shop full-time with her husband Jaryd.
April is often associated with spring cleaning and reorganizing, which means you finally made the time go through that overflowing junk drawer or to organize last year’s financial statements for the tax filing deadline. But when it comes to your finances, you can use this time to do more than just file your tax return documents thanks to the resources provided as part of National Financial Literacy Month.
Throughout Women’s History Month, we celebrate the economic, social and political contributions that women make to our world. Women account for roughly half of the American workforce, attain higher levels of education than men and are an increasing share of primary or solo breadwinners. There is no doubt that for America to thrive, we must promote the economic empowerment of women. Central to women’s economic success is women’s entrepreneurship, which contributes significantly to overall economic growth and prosperity.
As Black History Month comes to a close, it’s important to take some time to focus on the contributions and potential of African-American entrepreneurs. Businesses owned by people of color are crucial to growing the American economy, adding more than $300 billion in sales in 2012 alone.
Small Business Majority has partnered with SmartBiz Loans, an online platform to help small business owners navigate the process of applying for SBA loans. SBA-backed loans are often some of the best options available to small business owners for many reasons, including lower interest rates, longer loan terms and protection against balloon payments.
Alfredo Zendejas co-owns Accesorios Zendejas along with his wife, Leticia Sanchez, in Los Angeles, California. A true mom-and-pop enterprise, Alfredo and Leticia work together to design, create and deliver custom decorative pieces for quinceñeras, baptisms, weddings and other special occasions.
Are you considering taking out a loan for your small business? Financing your business is a serious undertaking, and it’s important to make well-informed decisions about your need for capital at the onset. Below, we’ll review some key steps to take and questions to ask when seeking funding.
Are you thinking about using an online lender to finance your small businesses? If so, there are a few things you should know before you get started.
The way small businesses borrow money is being completely transformed by the rise in online lending. Innovators are providing faster and easier ways to borrow and increasing access to credit in communities that have historically been underserved. But this transformation will only achieve its potential if it is built on transparency, fairness, and putting the rights of borrowers at the center of the lending process.