Subhead Resources Virginia

Celebrate Small Business Saturday

Posted by Busey Bank on Nov 10, 2022 11:03:08 AM
Busey Bank

Saturday, November 26, 2022, is Small Business Saturday—a day to celebrate and support small businesses and all they do for our communities. With around 31.7 million small businesses in the country—accounting for more than 99% of all businesses—it’s no secret that small businesses are the lifeblood of the American economy.

A photo of shops on a downtown street decorated for the holidays.

Please join Busey, the U.S. Small Business Administration (SBA) and organizations across the country in supporting your community by shopping small and making a big impact.

What is Small Business Saturday?

Now a staple of the holiday shopping season, Small Business Saturday was created by American Express during the 2010 recession—and sponsored by the SBA in 2011—encouraging people to “Shop Small” the day after Thanksgiving and support the small businesses at the core of every thriving neighborhood.

Most businesses can’t compete with large corporations on price, especially during the holiday season, when big box stores release Black Friday sales and doorbuster deals. Small Business Saturday acts as a counterbalance, a dedicated shopping day for small local businesses during the busiest shopping season of the year.

How Can You Participate?

Find small businesses to support as a customer.
Every time you pick up a cup of coffee from your favorite neighborhood cafe or buy a gift from a local artist's online store, you're shopping small and making a difference. Explore small businesses in your community!

Market yourself as a small business owner.
American Express offers free materials, including sample posters, social media resources and shop small map listings. Check with your Chamber of Commerce or local business association as well—many towns plan promotions around Small Business Saturday.

Support local businesses as a community organization.
In an effort to support their communities, organizations across the country serve as Neighborhood Champions. These supporters serve their communities with events and activities on Small Business Saturday and all year long.

What Is the SBA?

The U.S. Small Business Administration, or SBA, is a government organization that guarantees portions of loans designed for starting, growing and expanding small businesses. An SBA loan provides financial assistance programs for small businesses that are specifically designed to meet key financing needs.

SBA guaranteed loans can greatly benefit companies seeking capital for expansion, inventory, buildings, equipment, exporting and other needs. The 7(a) Loan Program—SBA’s most common model—provides financial help for businesses with special requirements. An applicant’s eligibility is based on the nature of the company and its principals, how it earns income, the owner’s character and company location.

Basic uses for the 7(a) loan include:

 Long- and short-term working capital

  • Revolving funds based on the value of existing inventory and receivables
  • The purchase of equipment, machinery, furniture, fixtures, supplies or materials
  • The purchase of real estate, including land and buildings
  • The construction a new building or renovation an existing building
  • Establishing a new business or assisting in the acquisition, operation or expansion of an existing business
  • Refinancing existing business debt, under certain conditions

Why Choose Busey’s SBA Team?

Some small business owners may find the application process intimidating. Busey has a seasoned team of experts with over 200 years of combined experience and a dedicated SBA 7(a) division that has been designated a part of the Preferred Lenders Program (PLP). As a preferred lender, we understand the SBA underwriting system, eligibility hot buttons and forms—which means we can guide clients through the application process quickly and with ease.

Busey is proud to provide small business owners with the expertise and creative funding needed to take business to the next level. Our experts are committed to helping your business grow and streamlining the loan process to ensure you have the right solutions as you plan your future. To learn more about how Busey can help your small business thrive this Small Business Saturday and beyond, visit busey.com/sba.

Topics: Business

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