5 Reasons to Celebrate National Small Business Week 2018

Celebration National Small Business Week April 29 - May 5, 2018

What is National Small Business Week? Since 1963, the Small Business Administration has been recognizing the contributions of entrepreneurs and small business owners across America. Each year, the SBA and its national network of local Small Business Development Centers (SBDCs) join together with industry experts for a week of celebration that includes workshops, seminars and other educational events to help entrepreneurs start, succeed and grow their businesses.

In addition, the SBA holds the National Small Business Week Awards which honors small businesses across America for their outstanding achievements and contributions to their local communities and to our Nation’s economy. Over the years, many household names have received these awards, such as Ben and Jerry’s, Calloway Golf, Chobani, Maui Brewing Company and Tom’s of Maine.

Events for National Small Business Week, April 29 – May 5th 2018:

New SBA Lending Rules Give Small Business Another Reason to Celebrate

In an effort to make small business lending more streamlined and accessible to entrepreneurs and business owners, the SBA has made a series of modifications to standard operating procedure (SOP 50 10(J) for rules involving SBA 7(a) loans. Among these changes are lower equity requirements for acquisition loans, as well as a new SBA franchise directory which lists franchises eligible for SBA financial assistance. While both rules are significant and promising, each local lender will have its own standards regarding risk tolerance and other requirements.

Overall, small business owners have many reasons to feel optimistic. Many are expecting to benefit from a more pro-business environment and new tax cuts. At the same time, the U.S. small business economy has experienced record growth over the past year. In the first quarter of 2018, BizBuySell reported small business sale prices reached record levels. Small business transaction number increased 13 percent from a year earlier, reaching the largest number since BizBuySell first began tracking business for sale transactions back in 2007.