Erie County Times

Gov. Tom Wolf has marked May 1-7 as Pennsylvania Small Business Week, and he recently urged people to support small businesses because they are vital for the state’s economy.

An April 29 press release from Wolf’s office noted that there are more than 1 million small business that account for 2.5 million people across Pennsylvania; and for every $100 spent at a small business, $48 goes back to the local economy. This is a stark difference from big-box stores, where only $14 goes back into the local economy, showing how important it is to support the smaller operations. 

Additionally, as of 2019, 88.2% of the state’s firms exporting goods were small business, amounting to $12.5 billion; the release said.

“Pennsylvania’s small businesses are the cornerstones of our communities, and we must do everything we can to invest in their success,” Wolf said in the release. “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.”

In 2018 the Wolf administration launched the PA Business One Stop Shop for opening, permitting, hiring and other functions that could help small businesses get started, the release said. The administration created the Pennsylvania Minority Business Development Authority for low-interest loans to minority businesses and also created the Small Diverse Business Capital Access Program to provide low-interest loans and lines of credit to small diverse businesses that are committed to creating full-time jobs. 

There is also $225 million allocated in the governor’s $1.7 billion spending plan toward the Small Business Assistance Program. If recapitalized, businesses would be eligible for grants ranging from $5,000 to $50,000 through American Rescue Plan funds.

“Our small business ecosystem in Pennsylvania is as diverse as it is robust,” Neil Weaver, acting secretary of the Department of Community and Economic Development, said in the release. “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.”