How Microbusinesses Can Save the Economy

Did you Know…?

  • 80 percent of all businesses are considered “microbusinesses” which means they employ less than 10 employees.
  • If one third of these businesses would hire an employee the country would have full employment.
  • Business owners are worth 2.5 time more than non-business owners. This percentage is even higher with nonbusiness owners.

So why doesn’t everyone start a microbusiness? Being an entrepreneur isn’t easy. It doesn’t take luck but it does take a great idea that will remain profitable after trends and with flows in the economy. It’s not something you can do alone. You need the support of your friends and family, the financial support of a bank and perhaps the guiding support of an adviser who’s been there before.

Getting financial support from a bank is not always as easy as it might seem. Even with a great concept and even better credit score many banks are reluctant to give out loans for less than $100,000 because they want to make money off of the interest. Microloans, which are $50,000 and under, are growing in popularity but these opportunities are still difficult to come by.

This is why Suncoast Community Capital is proud to be a member of the Association for Enterprise Opportunity. AEO has spent years researching what it takes for a small business to succeed and how it can be involved in getting them the resources they need. This new initiative is back by hundreds of hours spent researching what it takes for a small business to thrive in the economy.

You can help by signing the “One in Three” pledge. The pledge asks you to spend money at local businesses, especially those open on Main Street, so you can help them hire additional employees. This isn’t asking for a donation but rather that you spend your money where it can go back into the local economy. The next time you need a gift, some pet food or a tool to repair your kitchen avoid the strip malls and stroll down Main Street. It doesn’t take a lot of money to make a difference.

For more information on the “One in Three Pledge” please click here.

To find out how Suncoast Community Capital can help you avoid the hurdles to entrepreneurship please visit our website or call Stephanie at 941-744-2666.

*Statistics Provided by the “One in Three” report by the Association for Enterprise Opportunity

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