There are many reasons to start a small business, but for longtime entrepreneur Letha Pugh and her wife, Wendy, their gluten-free bakery was born because Wendy’s Celiac disease prevented the family from going out for meals.
Access to capital
Introduction: Build your wealth and secure your health
As a small business owner, we know you wear many hats—from running the day-to-day operations of your business, to managing employees, building a brand and much more. And for aspiring entrepreneurs, this can mean juggling a traditional job while navigating the ins and outs of starting a new venture. One thing many entrepreneurs feel unequipped to deal while starting or running a business is how to handle business finances and maintain health.
We are proud of our work this year serving small businesses and independent entrepreneurs. As we prepare to expand this work in 2019, we’re taking time to reflect on our successes over the last year.
This was certainly a year of expansion for Small Business Majority. We worked hard to bring new resources to underserved communities and supported new policies that will benefit small business owners. Here are six of our biggest accomplishments in 2018:
Our educational video series, Small Business Financing 101 & Small Business Retirement 101, provides quick answers to several frequently asked questions about accessing capital and saving for retirement.
The videos feature short 2-3 minute tutorials on topics such as key questions to consider before taking out a loan, the pros and cons of online lending and common workplace-based retirement plans.
Small Business Majority is now managing Venturize.org, a free online resource hub for small businesses that need help accessing responsible capital and becoming loan ready. Venturize offers unbiased education and resources to small business owners seeking loans to empower them to make the best financing decision for their business. Venturize is not a lender—but a program from Small Business Majority.
Small Business Majority is proud to partner with the Veterans Business Resource Center (VBRC), an organization based in Missouri that provides mentorship and trainings for veteran small business owners, while also assisting their transition back to civilian life.
American small businesses create 65 percent of all net new jobs and employ roughly half of all workers in the private sector. According to the Kauffman Foundation, businesses founded between 1970 and 2000 (some of which grew into large businesses during those years) provided all net private sector job growth during that timeframe.
Scientific opinion polling found the majority of millennials who own a business or would like to start one at some point say student debt and a lack of retirement savings plan are barriers to entrepreneurship.
In every aspect of building a thriving society and economy—from addressing long-term unemployment to providing high quality jobs—American entrepreneurship represents a pathway to success, particularly among young Americans who struggled to get their foot in the door during the Great Recession...
Small businesses are working hard to move their companies, and our economy, beyond the recession. As much as they’ve already accomplished to lift employment levels, these entrepreneurs are not immune to the lingering effects of our disrupted financial market, and they want smart steps taken to address their needs. Contrary to the mantra that slackening Wall Street’s reins will bring economic growth, four out of five small business owners believe Wall Street should be held accountable for the practices that caused the financial crisis, through tougher rules and enforcement.
Small business owners are suffering from weak sales and decreased customer demand, and on top of that, a lack of access to credit. It is difficult for small business owners to access the credit that will help them grow, hire and jumpstart the economy. Our new opinion polling shows an overwhelming 90% of small business owners nationwide agree the availability of credit for small businesses is a problem, and 61% agree it’s harder to get a loan now than it was four years ago.