The first week of May is designated as National Small Business Week, a time to recognize small business owners and entrepreneurs throughout America. The latest statistics show that there are 33.2 million small businesses in the United States, accounting for 99.9% of all U.S. businesses. While they may be referred to as “small businesses”, one thing is for sure — the impact of these businesses is anything but small.
Generating millions of jobs every year, small businesses have a crucial effect on the U.S. economy and growth. The job opportunities, financial growth, and unique array of products and services they provide help shape and enhance communities around the nation.
At FNB Small Business Finance, it is our privilege to work with these businesses every day. Whether they’re starting out with just a dream or expanding an established business, we get an up close and personal look at their challenges, dreams, and values.
Here are a few things we’ve come to know about small business owners:
- They’re determined. They don’t give up on their dreams despite numerous challenges. They have tenacity even when things get complicated.
- They’re motivated and self-disciplined. When asked about the motivation behind starting their own business, 29% of survey respondents said that being their own boss was the biggest motivating factor. Other common reasons were wanting to pursue one’s own passions, feeling inspired, or simply not being ready to retire. Whatever their motivation, these business owners bring diverse and unique experiences to their communities.
- They’re passionate. The number of small businesses in the U.S. has grown exponentially as Millennials and Gen Zers create side businesses. In fact, when compared to baby boomers, these generations are 188% more likely to create a side business. When asked, a majority of this group stated they wanted to create their own business because they were passionate about bringing new ideas to the marketplace. This passion is what drives the success of so many small businesses today!
As we work with these business owners at FNB Small Business Finance, we match their determination, motivation, and passion every step of the way. Business financing can be overwhelming and intimidating at times, but our talented Business Development Officers don’t let that hamper the dreams of these entrepreneurs and business owners.
As an SBA lending partner, we creatively structure loans to give small businesses the financing they need. But we also strive to give business owners a streamlined and efficient process as well. That’s why our dedicated team partners with small businesses every step of the way. From the initial meeting to the closing table and beyond, we provide information, advice, and suggestions to help small businesses thrive in the lending process.
For us, the celebration of small businesses goes beyond National Small Business Week. It’s a partnership that we get to enjoy every single day. Our role goes beyond that of a bank. We’re a partner, achieving together the success of these crucial businesses.
Sources: https://www.oberlo.com/blog/small-business-statistics
