HUNTSVILLE, Ala. (WHNT) – May 12-16 is Small Business Week. The observance first began more than 50 years ago. Obviously, the U.S. business climate has changed drastically since then. Small businesses, defined by the federal government as those with fewer than 500 employees, now employ more than half of all working Americans. While many larger companies are moving overseas or reducing force, each month finds thousands of entrepreneurs launching their small businesses.
Locally, such individuals can find support at UAHuntsville’s Small Business Development Center and Procurement Technical Assistance Center. The agency, funded by the Small Business Administration, the Department of Defense and UAHuntsville, offers help to both commercial small business and government consulting companies. Director Foster Perry says the credit outlook for small business is improving, with institutions more willing to lend. However, prospective borrowers must still jump through many hoops to obtain funding.
Perry says success is never guaranteed but chances are greatly increased when the business owner does extensive research beforehand. If you have a big idea you’d like to turn in to a small business, you can find more help at the Small Business Administration’s website.