What is National Small Business Week? Since 1963, the Small Business Administration has been recognizing the contributions of entrepreneurs and small business owners across America. Each year, the SBA and its national network of local Small Business Development Centers (SBDCs) join together with industry experts for a week of celebration that includes workshops, seminars and other educational events to help entrepreneurs start, succeed and grow their businesses.
In addition, the SBA holds the National Small Business Week Awards which honors small businesses across America for their outstanding achievements and contributions to their local communities and to our Nation’s economy. Over the years, many household names have received these awards, such as Ben and Jerry’s, Calloway Golf, Chobani, Maui Brewing Company and Tom’s of Maine.
Events for National Small Business Week, April 29 – May 5th, 2018:
- #SmallBusinessWeek Hackathon on Friday, April 27th-29th. This is your opportunity to team up with innovative developers, business owners and entrepreneurs to solve real business challenges. Reimagine small business financial management by making use of API’s from Visa, the U.S. Government and other parties to build a game changing new tool. Grand prize is $10,000.
- National Awards Ceremonies on Sunday, April 29-30th. Watch who wins the honorary award in each category live on SBA’s Facebook page. Sunday kicks off with awards to SBA resource partners, including SBDCs, Veterans Business Outreach, Women’s Business Center, SCORE, and more. Then on Monday, awards are announced for Exporter of the Year, Federal Procurement Awards, as well as the National Small Business Persons of the Year.
- National Small Business Week Virtual Conference, May 1-3rd. Join this live digital experience for a special series of educational webinars hosted by the SBA and SCORE Association. This three day conference is an opportunity to gain practical skills and actionable advice on business financing, digital marketing, video content strategy, employee relations, and other strategies to operate a successful business.
- National Small Business Week Bus Tour, May 1-3rd. Follow along on social media as the SBA embarks on a multi-city tour and highlights some of America’s most outstanding business owners. The tour makes five stops along the Southeast Atlantic Coast, beginning in Jacksonville, Florida and ending in Raleigh, North Carolina.
- National Small Business Week Twitter Chat, May 4th. This live chat is an opportunity for entrepreneurs and small business owners to engage with the SBA and Industry leaders to learn valuable tips and advice on how to start and grow a small business. Become part of the live conversation by following #SmallBusinessWeek.
New SBA Lending Rules Give Small Business Another Reason to Celebrate
In an effort to make small business lending more streamlined and accessible to entrepreneurs and business owners, the SBA has made a series of modifications to standard operating procedure (SOP 50 10(J) for rules involving SBA 7(a) loans. Among these changes are lower equity requirements for acquisition loans, as well as a new SBA franchise directory which lists franchises eligible for SBA financial assistance. While both rules are significant and promising, each local lender will have its own standards regarding risk tolerance and other requirements.
Overall, small business owners have many reasons to feel optimistic. Many are expecting to benefit from a more pro-business environment and new tax cuts. At the same time, the U.S. small business economy has experienced record growth over the past year. In the first quarter of 2018, BizBuySell reported small business sale prices reached record levels. Small business transaction number increased 13 percent from a year earlier, reaching the largest number since BizBuySell first began tracking business for sale transactions back in 2007.