U.S. Small Business Association (SBA) loans offers business financing for small businesses. This is a great avenue for small businesses to get up and running, but it also has a significant impact on the communities these small businesses serve. Here are a few ways SBA loans help to create stronger communities:
Community Identity: Think of any town or municipality you have visited and thought was “charming” or “quaint.” What one factor helped contribute to that feeling? Most likely, it was the small businesses there, the products and/or services they offered and the people who were minding the helm. Small businesses help create a sense of character that bring people back time and again to spend money.
Local commerce: When people are spending money with a small business, that money stays in the community versus spending money at a big national chain with a headquarters office hundreds or even thousands of miles away. This, in turn, helps build the tax base, which grows further economic development.
Employment opportunities: Small businesses need employees to help run the operation. Rather than having people commute in from other communities to work at a “big box” store, employees are generally more local. And when those employees are on break, they are dining at other local businesses, creating a cycle of commerce. After hours, those employees are also more likely to spend their paycheck in the community.
Customer service: In order to thrive, small businesses must offer unique products and services, and go out of their way to provide a better shopping experience for their customers. By getting to know their repeat visitors and catering to their needs, small business owners create a friendlier environment, which can create a chain reaction of random acts of kindness.
504 Capital specializes in SBA Loans. We have the knowledge and expertise to help small business owners move their ideas to fruition. We work closely with our clients to fund their dreams. And in the process, we help make local communities stronger and more vibrant. Let’s talk about your idea and get the gears going on building your business.