Local businesses drive our economy, support our infrastructure, and promote the entrepreneurial spirit. Rea & Associates is proud to support local businesses every day of the year. Whether you’re looking to diversify your long-standing small business, or just setting up shop, Rea & Associates has the expertise and resources to help your local business thrive.
Resources for Minority Owned and Female Owned Businesses
Women owned and minority owned businesses are important to the economy of the community they serve, and the country as a whole. However, these businesses face a different set of hurdles than their white, male counterparts.
Lack of capital affects people of color and female owned businesses at a higher rate. Entrepreneurs with existing capital such as stock, good credit, property, loans with reasonable interest rates, or private investments have higher success rates. According to the Office of Minority and Women’s Business Enterprises, entrepreneurs without preexisting capital are more likely to have their business fail.
Additionally, we cannot ignore the impact the COVID-19 pandemic had on small businesses. While access to the Paycheck Protection Program (PPP) allowed partial recovery for many businesses, more than 245 public companies applied for $905 million from the program. This left minority and small businesses with less of a chance of surviving the pandemic.
While establishing a relationship with your local bank, and creating accounts with smaller banks and credit unions can help, make sure to stay up to date with resources available to minority owned businesses. See our full list here.
Don’t Do It Alone
As a small business owner you may feel like you need to be an expert on all aspects of your work. However, outsourcing time-consuming tasks like business taxes and back office functions, will save you time, money, and allow you to focus on the reason you went into business in the first place. Rea & Associates can help your small business set up custom retirement plans for you and your employees, HR resources, recruitment and retention strategies, and everything in between.
After the Great Recession, Logan Clay Products Company lost more than half its business due to the collapse of the housing market. Rea & Associates was able to assemble an expert team that helped Logan Clay diversify and purchase Sawmiller, a hardwood sawmill and pallet company. Today more than 40% of the company’s revenue can be attributed to pallet production through Sawmiller.
The Importance of Local
Multiple studies indicate that, “independent retailers return more than three times as much money per dollar of sales than chain competitors.” In comparison, online retails contribute almost nothing to the local economy, aside from a single delivery. To learn the importance of supporting local business, check out this episode of unsuitable on Rea Radio.
Contact Rea & Associates today to find out more about what we can do to promote your local business.
By Susan Kornatowski, Principal and Director of Dental Services