In 2024, the National Small Business Week will celebrate the contributions of small businesses and their owners to the United States economy since 1963. Small businesses are identified by factors such as firm revenues, total employment, and industry classification codes, with most manufacturing companies having 500 or fewer employees and non-manufacturing companies earning less than $7.5 million annually qualifying as small businesses.
President Joe Biden emphasized the importance of small businesses in a proclamation, calling them the engine of the economy and the heart and soul of communities. The U.S. Small Business Administration will host a virtual summit on April 30 and May 1 to commemorate National Small Business Week. The summit is free for both established and aspiring business owners and will feature sessions on starting a food truck business, developing practical skills for success, and networking opportunities. Registration is required and can be completed on the US SBA website.
In Bloomington, the small business community plays a significant role, with 80% of the 870 chamber member businesses classified as small businesses. Christopher Emge, director of advocacy and public policy for the Bloomington Chamber of Commerce, highlighted the impact of small businesses on the local economy, emphasizing how the money spent at these establishments circulates back into the community, creating a stronger economic ecosystem.