Small businesses are the backbone of the economy, with more than 640,000 located across the state of Maryland. During National Small Business Week, it is essential to celebrate and support these vital enterprises. In the United States, about half of the country’s workforce is employed by small businesses.
Financial growth is crucial for businesses to succeed, and new entrepreneurs face a significant challenge in accessing capital. Whether it’s through loans or grants, having capital is essential in the first five years of business to ensure stability and growth. According to Senior Advisor Rhett Buttle, this challenge is one of the biggest faced by new entrepreneurs. He emphasizes that policymakers should adjust tax reforms to help small business owners, such as rolling back tax cuts for corporations and doubling startup deductions.
Healthcare costs are another significant challenge for small businesses. Approximately 62 percent of small businesses do not offer health insurance due to costs. Despite this, small businesses can offer other benefits, such as flexibility and community for their employees. Buttle highlights the importance of policymakers addressing this issue by adjusting tax reforms to help small business owners provide affordable healthcare options for their employees.
Small businesses are calling for a level playing field to compete with larger corporations and invest in communities, hire more people, and grow their businesses. Supporting local entrepreneurs can be as simple as making a conscious decision to shop at small businesses on Main Street. Despite the convenience of online shopping, visiting local businesses is essential in showing support for small businesses during National Small Business Week and beyond.
In conclusion, National Small Business Week is an opportunity to celebrate and support local enterprises that play a vital role in our economy. By providing access to capital and affordable healthcare options while creating jobs and investing in communities, small businesses contribute significantly to our society’s success.
