The first week in May is typically National Small Business Week, and as a small business ourselves, Waterford Bank is proud to put our hard-earned dollars to work in our communities by supporting local entrepreneurs.
Whether that be using local vendors to supply our lobbies to our bankers enjoying a night on the town at their favorite local restaurant, or even through the work we do to help put PPP and other financial solutions in their hands – we’re invested in the well-being and growth of our community businesses.
Small Business, Big Numbers
Across the Midwest, our valuable entrepreneurs and their small businesses serve as the backbone of our economies, creating two out of every three new jobs in the U.S. annually.
They carry a lot of weight on their shoulders, so who can they turn to when they need support? According to studies from the Federal Reserve Banks, it’s community banks – who make more than 60% of all small business loans under $1 million and are consistently rated as small businesses’ lenders of choice.
Across Northwest Ohio and Southeast Michigan, Waterford continues to serve as a financial first responder for small businesses, financing over 1,100 loans, equating to $286 million through the Small Business Administration’s Paycheck Protection Program since 2020.
Collectively, community banks led the way for keeping America in business, financing more than 57% of all PPP loans, resulting in more than 2.8 million loans for small businesses across the country, according to SBA data.
Ways to Help this Small Business Week
With ongoing COVID restrictions, there are still ways for you to play it safe, physically and financially, while still supporting your local small businesses. Consider doing the following this week:
Many stores and restaurants offer curbside pickup or delivery. Grab some flowers, a new book, or your favorite meal on the go.
If you’re not yet ready to shop or dine in person, you can always purchase a gift card online now to help boost the bottom line of your favorite business and then make plans to use it later.
Share the power of your opinion. A great review from you or sharing a menu or product release on social media helps get the word out about the businesses you already love, potentially resulting in more sales for them and directly resulting in free advertising.
Take learning online or outside. If you can’t get to the yoga studio or your kid’s violin lesson, many instructors are providing virtual sessions, videos, or more accommodating meetup locations to help stay connected.
Participate in community efforts. While the pandemic has left many feeling isolated, local business organizations are trying to fill the void with socially distanced community programs that can spur economic activity.
Check with your local chambers of commerce, rotary clubs, and arts commissions to see what events they have planned.
Remember, you don’t have to limit your support to one small business week out of the year.
Celebrate the ingenuity and tenacity of America’s integral small businesses year-round!
Angela Logan is a Vice President and the Clarkson Branch Officer at Waterford Bank, N.A. at 5800 S. Main St. Clarkston, MI 48346. She can be contacted by email at angela.logan@waterfordbankna.com or by phone at 248-625-8585.
Waterford Bank, N.A. is an Equal Housing Lender. Member FDIC. NMLS# 520256