What Associations Are Doing To Fight Attacks On Small Businesses

Small businesses are the backbone of the economy and face challenges along the way.

SPONSOREDUpdated 8:20PM • 11/29/15

Starting or investing in a business comes with its challenges. There probably isn’t any successful business person who would disagree with this statement. But once that business gets off the ground, the owner may feel extremely accomplished for what they have done.

Once that elation goes away, a business owner may face a few roadblocks along the way. Sure, a depleted inventory or an afternoon rush will throw a wrench into anyone’s day, but there are several factors that could pop out of nowhere. And some of these external issues weigh on the business owner's mind. A recent report conducted by Wasp Barcode Technologies found that 45 percent of small business owners that were polled believe that economic hurdles are the toughest ones to overcome.

“Revenue growth, hiring new employees and government regulations are the challenges most business leaders named as their primary business challenges across all segment sizes for 2015,” the report read. “While restrictions on lending has eased since the ‘Great Recession,’ some companies still find it difficult to receive loans from banks or often find the banks’ higher loan amount a burden on their business operations.”

Another issue small businesses face is financing. Navigating this world can be tough, but once the business owners secure the right capital and a business model that is sustainable, their stress levels can ease up and nightmares about where they are going to find money to supply their business will subside. Even if an owner still has trouble starting their business, there are plenty of programs set up by different organizations that can help.

Marianne Markowitz, the regional administrator for region V of the U.S. Small Business Administration, said during the 2015 fiscal year the SBA supported more than $33 billion loans for small businesses, which was a 15 percent increase from the previous year. She went on to say that this is a sign that small businesses are thriving and are an important part of the economy.

“Overall, small businesses face a variety of issues, and the SBA serves as their voice, working to provide the resources and tools they need to help them succeed,” Markowitz said. “As a federal agency, the SBA supports them by providing access to capital, free business counseling and pathways to federal contracting, not to mention disaster assistance in times of need.”

She said small businesses are responsible for creating two out of three net jobs in the country, so they are an important cog to America's economy. For businesses that are struggling, Markowtiz pointed to SBA initiatives like Startup in a Day, the Growth Accelerator Fund Competition and InnovateHer, which assist Americans in harnessing talents and ideas to innovate and creating jobs.