In recognition of National Small Business Week, the U.S. Small Business Administration (SBA) hosted a four-day event during the first week of May 2022. This event included a live virtual summit, educational sessions, and award presentations to acknowledge small businesses from across the country for their ingenuity, creativity, and resourcefulness. It also recognized SBA partners for their involvement in entrepreneurial development, disaster recovery, government contracting, financial development, and overall support for small businesses and entrepreneurship.
“National Small Business Week is a time to honor and celebrate America’s entrepreneurs and innovative startups. This year’s theme, ‘Building a Better America through Entrepreneurship,’ celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback,” said SBA Administrator Isabella Casillas Guzman.
“We are on a path toward building a better, more competitive American economy centered around families, workers, and small businesses.”
More new businesses are blossoming than ever before
In 2021, new business owners applied to start over 5.4 million new businesses across the country. This is the highest rate of small business job creation recorded in a single year; roughly 20% more than any year on record. Small businesses are also stimulating more jobs than ever before, as those with fewer than 50 employees have created 1.9 million jobs in the first three quarters of 2021 and have accounted for over 60% of all new jobs for the year. This provides substantial evidence as to why key stakeholders need to invest in small business and entrepreneurship in America.
Creating opportunities for success
While there were plenty of accomplishments to be celebrated, this event made it clear that there are more opportunities to invest in the success of small businesses. Encouraging access to critical federal resources, educational workshops, and networking opportunities are all ways in which we can help new entrepreneurs navigate any current and future business challenges. Other strategies to help create opportunities for success include:
- Expanding access to capital to help owners grow their businesses.
- Investing in business assistance programs to help provide access to critical resources.
- Ensuring billions of dollars in government contracts are allocated to small businesses.
- Reforming the tax code to create a level playing field for small businesses to compete.
Watch the highlights
In case you missed the National Small Business Week Virtual Summit, you can find many highlights from the event available on the SBA’s YouTube Channel. During the week-long event, the SBA also hit the road for the Building a Better America Through Entrepreneurship tour, where SBA Administrator Isabella Casillas Guzman met with inspiring small business owners and community leaders. The SBA continues to focus on helping small businesses grow, creating 21st century jobs, driving innovation, and increasing our country’s global competitiveness.