Small businesses have a big impact

Small businesses play a huge role in the U.S. economy.

According to statistic gathered by YourEconomy, in the four counties served by Northern Lakes Economic Alliance (NLEA), Emmet, Charlevoix, Antrim and Cheboygan, approximately 86 percent of all companies employ less than 10 workers.

These small businesses are one of the most important factors to the growth of our local economies. Small businesses provide the opportunity for financial independence, create employment for local communities and encourage the innovation of new products. Often times the owners of these businesses are invested in the people around them and attempt to make improvements to their local communities. Small business owners are also more likely to spend their revenue locally, boosting the growth of the companies around them.

The benefits our small businesses provide create a large impact in the communities around us. In the U.S., small businesses account for 60-80 percent of all jobs and are responsible for paying out 44 percent of our private payroll. They give our nation stability and are one of the engines of growth that create opportunities for those around us. The goods and services they provide keep the supply of money moving and prevent the stagnation of growth. With a population increasing by the day, the demand for these services is increasing exponentially and providing assistance for small businesses is key in meeting these demand needs.

In a world where consumers for larger corporations are constantly overlooking small businesses, it is important for communities not to overlook providing the assistance and support these small businesses need to be able to grow and prosper. One way to do this is to keep local businesses in mind when making buying decisions. You’ll be strengthening our community and will also be helping a neighbor.

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Michigan State University Extension has had a unique relationship with the regional economic development organization NLEA for more than 20 years. Recognizing the strength of combining resources, this partnership focuses on economic development, entrepreneurship growth and community infrastructure throughout a four-county region in the northwest Lower Peninsula, specifically Antrim, Charlevoix, Cheboygan and Emmet counties. As a result, the NLEA utilizes resources offered through MSU Extension as it provides leadership to state-wide programs.

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