National Small Business Week: Celebrating the Economic Impact and Contributions of America’s Entrepreneurs

The 2024 National Small Business Week is set to begin on Sunday, celebrating the contributions of small businesses and their owners to the US economy. This event has been held annually since 1963 and recognizes the importance of small businesses in driving economic growth.

Small businesses are defined by the US Small Business Administration based on criteria such as firm revenues, total employment, and North American Industry Classification Codes. Most manufacturing companies with 500 employees or fewer and non-manufacturing companies with an annual income below $7.5 million are considered small businesses.

President Joe Biden has recognized the crucial role that small businesses play in the economy, emphasizing their importance as the engine of growth, employing nearly half of all private sector workers, and contributing to every industry. The Bloomington Chamber of Commerce shares this sentiment, highlighting how 80% of its member businesses are small businesses that contribute significantly to making Bloomington a vibrant community by circulating money back into the local economy.

In honor of National Small Business Week, the US Small Business Administration will host a virtual summit on April 30 and May 1. This event is free for both established and aspiring business owners to attend and is co-sponsored by companies like Visa, T-Mobile, and Amazon. The summit will feature sessions on topics such as starting a food truck business, running a successful business, and networking opportunities. To register for this exciting event, visit the US SBA website.