We are fortunate in Michigan to host a growing number of successful, cutting edge small businesses. This month, several celebrations are taking place recognizing the important role that small businesses play in our economy. In early May, small business owners and their advocates from across the state came to Lansing to show their support for the entrepreneurs behind these job creators at the annual Michigan Celebrates Small Business event, and during the week of May 20th which is the National Small Business Week.
It is only appropriate that we honor the role small businesses play in our economy, both locally and nationally. Not only does our state benefit economically from their success, but small businesses are also often community stewards, integral to the success and sustainability of the neighborhoods in which they are located.
Michigan’s small businesses are key to our state’s economic vitality. There are 820,244 small businesses in our state, being defined by the Small Business Administration as having 500 or fewer employees, and they account for 51.6% of private sector jobs in Michigan.
These businesses produce billions of dollars in income, which is distributed to employees and proprietors who live in our communities – not shipped to headquarters out of state or overseas.
Nationally, there are more than 27 billion small businesses. Between 60% and 80% of new jobs created in our country are created by small businesses, making them integral to our economic recovery.
As the month of May progresses, let us appreciate the significant role that small businesses play in our economy and in our communities. For many of the products and services we need, we often have the option of shopping locally and I can think of no better way to commemorate our local entrepreneurs than committing to purchasing their products and services.