Working Capital - Mission Blog

<<Mission Blog Home Posted: 11-23-2020

Small Business Saturday is this weekend – November 27th, to be precise. To say that small businesses are the backbone of local communities would be an understatement. However, before we discuss the benefits of supporting these establishments, here are a few facts:

  • What, exactly, is a small business? According to the IRS, it is one that has fewer than 20 full-time employees. The Small Business Administration (SBA) has a slightly different definition. They classify a small business as one with fewer than five hundred full-time employees.
  • How many small businesses are there in the USA? The SBA Office of Advocacy there are 31.7 million small businesses in the US. This composes – get this – 99.9% of all US businesses. Let’s dig a little deeper.

Businesses that have less than fifty full-time employees represent 97.1% of all US businesses. Those employing less than 25 full-time employees make up 92.4% of all businesses.

That means tens of millions of Americans work at a small business. Their contribution to our economy is enormous. And, unfortunately, thanks to the pandemic, they are suffering more than ever before. While exact statistics for how COVID-19 has affected small businesses there are a few indicators out there.

  • In September Yelp! Estimated that 97,906 businesses had closed – permanently. 
  • A report from Facebook and The Small Business Roundtable estimates 31% of small businesses have closed this year. Closer to home, another study states that 37% of small businesses in Washington DC had closed.

Needless to say – small businesses everywhere are hurting. Now for some good news. You can make a difference.

Small Business Saturday falls between Black Friday and Cyber Monday. You could rush down to a big box retailer or shop and click on Amazon to get all your holiday deals. Or…you could look closer to home. Find the local toy store or clothing shop or hardware outlet. Put some of your holiday budget in their coffers. If you’re not comfortable shopping in person, you can probably find these businesses online.

Not sure where to find a small business in your area? American Express has a solution for that: While you’re at it – order out for Small Business Saturday, and beyond, too. The hospitality industry – especially restaurants – has been devastated by the pandemic. Save the Thanksgiving leftovers for Sunday and treat yourself to take out on Saturday.

Small Businesses are owned by and employ your neighbors and friends. They are huge drivers of our economy. And, they are likely very eager to serve you in exchange for your patronage.

To borrow from an old Steve Martin routine: “Let’s Get Small!”

REMINDER – Small Business Saturday is on 11/27/2021

Article References:

Working Capital, Goodwill mission blog author
This article was written by: Steve Allan

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