Small businesses are crucial because they drive economic growth through significant job creation, foster innovation with unique products and boost local economies by keeping revenue within the community, according to the Small Business Administration.
They also build resilient, vibrant neighborhoods with personalized service, diversity and support for local causes.
Small businesses are the backbone of the economy. They employ nearly half the workforce and contribute substantially to the gross domestic product, while also providing flexibility and fostering the American Dream of entrepreneurship.
“Small businesses are the cornerstone of vibrant communities,” said Sara Broadwell, executive director of the Greater Oswego-Fulton Chamber of Commerce. “They create jobs and shape a community’s unique sense of place. With 72% of job growth coming from existing small and medium-sized businesses that continue to grow and scale, their impact is undeniable. We see this every day across Oswego County through the many small businesses that call our region home. That’s why the Greater Oswego-Fulton Chamber of Commerce is proud to have supported the small business community for 110 years.”
According to the Small Business Administration, small companies generated 12.9 million jobs over the past 25 years, accounting for 66% of employment growth in the U.S. Small businesses also contribute 44% of the U.S. (GDP), so as the number of new businesses grows so do their economic contributions.
By shopping small, people not only help up-and-coming business owners but also their local economy as well. If a person were to spend $100 at a local business, it’s estimated that about 68% of that stays within their local economy.
If they spent that same amount at a large business around 48% would stay within their local economy. Independent businesses provide their local economies with new jobs, products, revenue, services and more.
There have been a lot of small businesses interested in locations in Oswego County.
For example, Fulton has seen a lot of investment by smaller businesses, according to Mayor James Rice.
Late last year he said nine new business applications had been submitted just since November.
