Even a Small Business Can Have a Large Impact in Their Community

Even a small business can have a large impact in their community. Small businesses are the lifeblood of the communities they serve. Think about it, they hold a unique position as they are both comprised of individuals who live in the area and cater to specific community needs. Who knows you better than a Mom & Pop shop? Who knows the area, all the hot gossip, and what goods and services are just right for the geographic location? Small businesses, that’s who.

Now, some folks consider that in order to make a truly significant impact on a community you must be a corporate giant and wield a great deal of power and influence. Not so! Small businesses have a profound impact that extends far beyond their size. In fact, it even goes far beyond the mere exchange of goods and services. It’s about forging relationships; it’s about creating the bonds that tie communities together.

GrantWatch thinks small businesses are the heart and soul of America. As a result, our listing has over 1,100 grants in the Small Business tab.

How Independent Businesses Help Our Economy

According to the Small Business Administration, small companies generate 1.5 million jobs a year and account for 64% of new jobs in America. Small businesses also contribute 44% of the U.S. economic activity, so as the number of new businesses grows so does their economic contributions.

1. Small businesses help support the local economy. By shopping small, people not only help up-and-coming business owners but also their local economy as well. If a person were to spend $100 at a local business, it’s estimated about 68% of that stays within their local economy. If they spend that same about at a large business around 48% would stay within their local economy. Independent businesses provide their local economies with new jobs, products, revenue, services and more.

2. Charitable and innovative contributions. Small businesses not only contribute economic benefits to their community but also charitable and innovative ones as well. Research shows that 52% of small business owners donate to charity, with 42% of that portion donating up to $1000. Along with their charitable donations, independent businesses also produce 16 times more patents per employee in comparison to large patenting firms, according to the Small Business Administration.

3. Boosts environmental sustainability. Independent businesses not only provide economic benefits, but environmental ones as well. Big national chains can cause a large environmental impact because they outsource many of their products, which requires a lot of transportation. Small businesses often source their products locally which is more sustainable and helps reduce the environmental effect caused by vast amounts of transportation.

Elevon, “How do small businesses help the economy” (sic)

In conclusion, consider small businesses the engines of economic growth that help our communities grow and thrive. So, go out, shop local, and support your local small businesses.

Small Business Grants and Opportunities

1. First, grants to small to medium-sized farm owners and operators, and agricultural nonprofits to implement sustainable farming projects. Funding is for projects to strengthen local communities and to sustainably farm operations.
2. There are grants to small specialty crop businesses to offset expenses related to safety regulations/requirements. Funding is for on-farm food safety programs expenses. In addition, applicants will also receive reimbursements for developing an initial food safety plan, or for maintaining or updating an existing food safety plan.
3. Next, an opportunity for startup businesses to participate in a business accelerator program. Companies at all stages of development can apply. Accepted startups receive 12 weeks of mentorship as well as additional perks from a wide range of vendors.
4. Opportunity for startups to participate in a business development program. Applications will be received from companies that are addressing climate change and other environmental issues. When safety permits, parts of the program will be held in Chicago, Illinois.
5. Grants to small businesses for projects to research and develop therapies to address stimulant-use/opioid-use disorders. In fact, small business companies should apply if they have developed currently marketed technologies. They should also apply if the developing technology demonstrates that their FDA-regulated product has a potential application in these areas.

Additional Small Business Grants and Opportunities

1. Opportunity for students and startup companies, venture firms, and entrepreneur centers to implement internship programs during/over the summer. Undergraduate and graduate students interested in entrepreneurship or venture capital will apply for an internship. As a result, state-based companies will host participating interns. Selected students will work at an entrepreneur center, high-growth startup, or venture firm and will receive a stipend, networking guidance and professional development.
2. Opportunity for health-related startup companies to participate in a business development program. The opportunity is to connect innovative health-tech startups with the capital, mentoring, and connections they need to build and grow their businesses. In addition, the program is to highlight health technology solutions through investments in entrepreneurship, talent, and community engagements.
3. Opportunity for startups to participate in a business development program. Moreover, the program allows emerging high-growth businesses to access funding and join a mentorship and coaching program.
4. Opportunity for medtech startups to participate in an accelerator program. Participants will have access to mentoring, industry experts, networking opportunities, a pitch night, and an assortment of vendor perks. The program will be a virtual program due to the COVID-19 outbreak, so participants do not need to be located in Minnesota.
5. Lastly, opportunity for companies and startups with an equity/social-impact focus to participate in a business accelerator program. Eligible applicants must specialize in education. The program provides a platform for coaching, investor pitches, and mentor meetings. It also helps companies advance investor readiness, scalability, and customer growth.

We hope this information can help your small business grow and prosper!

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