Celebrate National Small Business Week by shopping local

BALTIMORE — Dig into your pocket and shop local because it’s National Small Business Week.

About half the country is employed by small businesses, according to Small Business for America’s Future.

About 99.5 percent of Maryland’s economy is a small business economy. That’s more than 640,000 small businesses across the state.

Senior Advisor Rhett Buttle with Small Business for America’s Future says the number one challenge new entrepreneurs face is access to capital. Whether that’s loans or grants, it is key because the first five years are crucial for a business to start and development stability.

Entrepreneurs need a steady flow of capital to run their businesses and build financial growth.

The U.S Chamber of Commerce recommends that businesses have at least three to six months’ worth of cash on hand.

Another challenge is healthcare costs. About 62 percent of small businesses nationwide do not offer health insurance because it’s expensive, according to Small Business for America’s Future.

Though corporations can offer more health benefits, small businesses can offer flexibility in hours and creativity and foster a sense of community for their employees, Buttle said.

The business coalition is calling on politicians to help adjust tax reforms as another way to help small businesses owners. Buttle said if policymakers rolled back the 40 percent tax cuts that corporations get and doubled startup tax deductions, it could help small businesses keep their doors open.

“Small businesses are just really asking for a level playing field so that they are able to compete. And with that additional incentive they can invest more in their communities, they can hire more people, they can invest more in their business.”

Buttle said the best way to show support to our local entrepreneurs is by making one simple decision.

“In a world with so many options including online options. It’s still important to make a trip to your local small businesses in your main street. It really reverberates and doing that is the most important thing that a consumer can do and showing support for small businesses.”