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How can we support small businesses?

While big companies grab the headlines, it is small business that keeps the American economy running.

Small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses, according to the U.S. Small Business Administration (SBA). Despite their size, small businesses employ nearly half of all U.S. employees and have generated approximately two-thirds of all new jobs in the past 25 years.

They support our communities in other ways as well. Small businesses donate 250% more than larger businesses to local nonprofits and community causes, according to data compiled by SCORE. They also pay sales and property taxes that support our schools and public services.

So what can we do to support them? Shop local. Gift their gift cards. Refer them to friends. Leave positive online reviews. Order takeout directly from a local restaurant. Follow their social media accounts and like, comment, and share their posts.

As a local community bank, Main Street is our street too. Since our founding in 1906, Midwest BankCentre has always been a partner and trusted advisor to entrepreneurs as they start or scale their businesses. We expanded our SBA commercial banking team to include dedicated team members with specialized expertise. We were also named a Preferred Lender by the Small Business Administration, which means we can give borrowers the opportunity to achieve their funding goals sooner and more efficiently.  

Main Street business has never been more important to the resilience and vitality of our region. Together we can keep them running as they drive our local economy forward.

 Originally published in  Small Business Monthly's May issue of 2024 by Pete Zeiser, President - Chesterfield Commercial at Midwest BankCentre.