Electric Cooperatives of Arkansas Celebrates Local Small Businesses
1 May 2021
It’s May and that means it’s time to celebrate the small businesses that make our local communities such an incredible place to live. In Arkansas, we are home to worldwide companies like Walmart, but we are also home to incredible small businesses who may not be nationally recognized, but are just as important to our daily lives. From the coffee shop serving hot coffee and donuts on Saturday to the local plumber, CPA, doctor, contractor and gift shop that we couldn’t live without, these local small businesses contribute to our daily lives and make them better. As we go into Small Business Week, we invite you to join us in recognizing and thanking them.
Small Business Week May 2nd - 8th
The U.S. Small Business Administration (SBA) has historically held its National Small Business Week in the first week of May each year, from May 2-8 in 2021. National recognition is placed on small businesses and at the local level, it reminds us all to look at the contribution being made by local companies every day.
Why are small businesses an excellent reason to celebrate?
In its 2019 Small Business Profile, the SBA Office of Advocacy indicated 59.9 million employees, or 43.7% of the entire U.S. employee workforce, worked for small businesses. And the Bureau of Labor Statistics Business Employment Dynamics indicates that from 2000 to 2018, small businesses created 9.6 million net new jobs, accounting for nearly 65% of all net new jobs in the U.S.
A 2018 report from American Express stated an average two-thirds of every dollar spent at small businesses in the U.S. stays in the local community and every dollar spent there creates an additional 50 cents in local business activity.
As an added incentive, every ten jobs created at a local business support an additional seven jobs within the community. This is because locally-owned businesses will typically buy from other locally-owned businesses - creating jobs in the process.
Local businesses to support this May (and every month!)
There are a lot of incredible businesses in our region. Here are a few businesses to check out. We look forward to hearing your suggestions as well!
Join us in supporting these and other Arkansas small businesses by spending your dollars at locally-owned companies this week!