Northhampton News

Last week, Gov. Tom Wolf rallied to support the state’s small businesses, with Pennsylvania Small Business Week spanning May 1 through 7, saying these businesses are critical for the Pennsylvania economy and its workforce. 

According to an April 29 release, more than one million small businesses employ about 2.5 million people across the state. For every $100 spent at a small business, it is reported that $48 goes back into the local economy. This is compared to only $14 for big box stores. In 2019, 88.2% of Pennsylvania firms exporting goods were small businesses, with the goods valued at $12.5 billion.

“Pennsylvania’s small businesses are the cornerstones of our communities, and we must do everything we can to invest in their success,” said Wolf. “In addition to the economic benefits they generate, small businesses also contribute to the culture and fabric of the communities in which they reside. During Small Business Week, I urge every Pennsylvanian to join me in thanking – and supporting – our local businesses.”

The Wolf Administration has made a concerted effort to support small businesses. In 2018 the administration launched the PA Business One Stop Shop to help with opening, permitting, hiring and other needs of new small businesses.

The administration also created the Pennsylvania Minority Business Development Authority to provide low interest loans for minority owned businesses; created the Small Diverse Business Capital Access Program for low interest loans and lines of credit to small diverse businesses committing to creating full time jobs; and provided direct support to businesses through recovery from COVID-19 through the allocation of $225 million in the Coronavirus Aid, Relief and Economic Security (CARES) Act.

“Our small business ecosystem in Pennsylvania is as diverse as it is robust,” said Department of Community and Economic Development (DCED) Acting Secretary Neil Weaver. “Small business owners of all backgrounds and identities run our mom-and-pop retailers, our small manufacturers, our tech companies that are developing the next generation of innovations in so many sectors, and so much more. Small Business Week gives us the opportunity to celebrate those small business owners and employees and helps put into perspective the support that we can provide to them to continue to succeed.”

Wolf’s proposed $1.7 billion spending plan includes $225 million of recapitalization of the Small Business Assistance Program. Businesses would be eligible for grans from $5,000 to $50,000. Funding is through American Rescue Plan dollars.