This week, the state of Missouri joins many others across the nation in recognizing National Small Business Week.
Small businesses have a major impact on Missouri’s economy, as more than 45 percent of employed Missourians receive a paycheck from working at a small business. In 2019, Missouri’s small businesses created 13,855 net new jobs.
More specifically, 89 percent of the state’s 205,295 private sector employers are small businesses with less than 20 employees. These small businesses created 12,602 net new jobs in 2019.
“National Small Business Week is an opportunity to celebrate our small businesses across the state and recognize the important impact they have on Missouri’s economy,” Governor Parson said. “This year, it is especially important that we give these businesses our support as they have worked extremely hard to overcome the many challenges brought on by COVID-19.”
This year, small businesses have faced unprecedented challenges. From shifting to online platforms to reconfiguring storefronts for social distancing, business owners across Missouri have made major changes to stay in business.
In March and April alone, small businesses were hit especially hard, and Missouri lost 346,000 jobs in total. The state has now recovered 63 percent of these jobs. Only 15 other states have recovered a larger share of jobs lost this spring. Missouri’s unemployment rate dropped to 4.6 percent in October – down from 10.1 percent in May and 7 percent in August.
“We are proud of the strength and resiliency that these businesses have demonstrated,” said Missouri Department of Economic Development Director Rob Dixon. “We know how important Missouri’s small businesses are to our economy and our citizens, and we will continue to do what we can to support them through this time.”
Throughout COVID-19, Governor Parson, the Department of Economic Development, and many other partners across the state have worked hard to support Missouri businesses, communities, and citizens and drive economic recovery across the state.
Since March, the state has helped secure $2.1 billion in low-interest Economic Injury Disaster loans for small businesses and $9.2 billion in Paycheck Protection Program loans for small businesses through the U.S. Small Businesses Administration.
Missouri also allocated over $100 million in federal CARES Act funding to create recovery programs for businesses, communities, and citizens, including $30 million for small businesses and family-owned farms and $22 million for Missouri nonprofits.
“The COVID-19 crisis has highlighted the importance of shopping and buying local. Now more than ever, small businesses need our support, and the holiday season is a perfect opportunity to do that,” Governor Parson said. “This Black Friday and Small Business Saturday, we encourage Missourians to consider shopping at local businesses and giving back to the community.”