By Deba Uwadiae
By Okon Ekpenyong
The Biden-Harris Administration is taking new initiatives to increase federal support for small businesses nationwide, especially during Small Business Saturday (SBS), a day after Black Friday. This day is dedicated to encouraging locals to support their local mommies and pop shops. However, these initiatives can only be successful with the active support of consumers like you. Your choice to shop at local businesses on SBS can make a significant difference.
Your decision to patronize local businesses on Small Business Saturday (SBS) can make a significant difference. SBS, initially conceived by American Express and unanimously approved by the US Senate in 2011, is a day dedicated to celebrating the power of small shopping and local love. This day is a testament to the significant impact of local mom-and-pop shops on their communities, and your support is a celebration of this local love and community spirit.
Every Holiday season, millions of consumers flock to the nearest outlet and shopping malls to seize the biggest deals on Black Friday, Small Business Saturday, and Cyber Monday. Cyber Monday is like Black Friday, but this one is online, providing opportunities for e-commerce businesses to meet consumers’ supply and demand. So, no matter how one shops, it still helps boost the local economy.
The new action or initiative by the Administration is designed to achieve several key objectives. These include expanding the limits on essential lending programs, enhancing the forecasting of forthcoming federal contracting opportunities, increasing access to federal subcontracting prospects, and utilizing Small Disadvantaged Businesses (SDBs) to fulfill research and development (R&D) needs. This initiative has already proven to be a success story, with many small businesses reporting increased sales and visibility during the Small Business Saturday event, inspiring hope for the potential of these initiatives.
The Small Business Administration (SBA) is a prime example, offering training, counseling, and access to capital for local business owners. The Minority Business Development Agency (MBDA) is another initiative that aims to work with minority-owned businesses, providing resources such as business planning, marketing, and financial management assistance. These initiatives create a platform for everyone to seek the resources they need to thrive in their business, thereby contributing to the local economy.
Since the launch of Small Business Saturday, over $200 billion in sales have been reported, according to recent data by American Express. This growth in sales has not only helped thousands of local community shops but has also enabled many to transition from seasonal operations to year-round businesses, significantly boosting local economies.
Refugees and immigrant businesses also take full advantage of such opportunities to showcase their goods and services to the public.
Others with an entrepreneurial mindset, whether looking to start or grow an establishment, can find a welcoming and supportive community in local city, county, state, and national agency resource groups.
In 2023, under the current Administration, about $56 billion in SBA-backed capital was allocated to support small businesses. This substantial assistance has dramatically helped business owners expand their enterprises. Recent data shows that more than twenty American entrepreneurs have applied for business loans.
For the New Americans thinking about starting a business, it can be a gateway or a pathway to a better life, especially with the growth of small business sales this year. Per the Administration and business experts, such record-breaking is a clear sign of the government’s commitment to the success and growth of small businesses, inspiring hope for a thriving future.
In Central Ohio, especially on the West, North, or East side of Columbus, immigrant-owned restaurants are also finding success during the Holiday shopping season. Additionally, the community boasts auto shop owners, automotive car sales lot operators, and tax service providers dedicated to helping their peers thrive.
This Small Business Saturday business growth and success will result from word of mouth while helping drive effective networking and collaboration with industry experts. Each interaction is a testament to the fact that, with the right resources, developing a vision that engages consumers’ interests is entirely feasible. Such efforts create a pathway for individuals to realize their aspirations in America and empower them to take charge of their business journey.
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