The SBA has declared the week of May 4th through the 8th as National Small Business Week. There is no doubt that our nation’s entrepreneurs are a vital cog in restoring and growing our country’s economy and job base. This was made all the more evident by the most recent March trade deficit numbers just released by the Census Bureau.
The $51.4 billion trade deficit in March is the highest since October 2008. Contributing to this gap is a strong dollar which makes imports cheaper and the cessation of West Coast port labor disputes which caused import backlogs.
The SBA and banks need to continue to focus on our small business community. A trend toward larger entities and the preponderance of technology and service business firms have failed to keep pace with the loss of high-paying jobs in other industry types. We need to encourage and support both local business start-ups and those that have weathered the recent economic downturn.
It remains to be seen if we can recapture and exceed our previous economic levels and leadership. If we do, we’ll owe a debt of gratitude to those that risk their personal well being by creating or maintaining their own businesses.