By Todd Hovland, President & Cofounder
Small businesses make up more than 99 percent of all businesses nationwide. Despite their crucial role in the economy, about 20 percent of them fail within their first year, and the average lifespan of a small business is just seven years. Having grown up in a small town where my father worked for a family-run construction business, I’ve seen firsthand the challenges and rewards that come with building and sustaining a small business. That viewpoint gave me a deep appreciation for the dedication and grit it takes to keep homegrown businesses going. These businesses aren’t just economic drivers; they’re a cornerstone of vibrant communities. Community banks, like EntreBank, are essential partners in ensuring small businesses receive the support they need to succeed and continue enriching our neighborhoods.
Small Businesses Aren’t for the Faint of Heart
Entrepreneurial ventures bring our communities to life by creating jobs, fueling local spending and adding character to every neighborhood they serve. Behind the scenes, however, running a small business takes a tremendous amount of commitment. The average small business owner works 52 hours per week, tackling everything from customer demands to adapting to changing market trends. It’s truly a labor of love that drives local economies and builds stronger communities.
At EntreBank, we’re proud to support these businesses as more than just a lender. We’re here as advisors and partners, focused on building long-term relationships and helping owners navigate each new challenge. Small businesses face constant curveballs, and they need a bank that’s adaptable and reliable – especially in times of crisis. When the pandemic hit, community banks like ours became a lifeline and worked swiftly to get clients the funding they needed through PPP loans. That responsiveness is essential, and it’s what emerging businesses should expect from their bank – a partner who’s adaptable, reliable and in it for the long haul. We take pride in always bringing a strong sense of urgency to tackle challenges head-on before they become larger problems, and for a small business to be successful, you must have the mindset of continuously being a “play ahead.”
Long-Term Partnerships and Relationship Banking
Success in the small business world rarely happens overnight. It takes years of hard work, adaptability and the right support system. You truly have to be in it for the long run, so having a solid relationship with your bank is crucial. Having a bank that understands the unique needs of local businesses can make all the difference when it comes to weathering challenges and staying on track for long-term success.
No matter what point entrepreneurs are starting from financially, we take pride in creating customized, sustainable plans of attack that meet each business owner where they are. Whether they’re just starting out or looking to scale, we work alongside them to craft a strategy that aligns with their goals. Some of the greatest joy I get out of this business comes from seeing start-ups get off the ground, put in the work and exceed their own expectations. To be a part of that building process is incredibly rewarding.
Small Business Saturday
Small Business Saturday (SBS), the Saturday after Thanksgiving, is the best time to show support for your community businesses. It’s a day dedicated to celebrating the unique products and services that local entrepreneurs offer, but it’s not just about shopping – it’s about recognizing the hard work and passion that goes into running a small business. When people make the effort to shop locally, they help keep money in their community and support the livelihoods of their neighbors. From customer service to the product itself, small business offerings are often one-of-a-kind, providing something special that larger chains can’t replicate.
Seeing local businesses thrive, especially on Small Business Saturday, fuels entrepreneurial spirit and growth within communities. While SBS is a great opportunity to show support, we need to embrace these businesses as a core part of our daily lives and extend the spirit year-round.
Building Stronger Communities Together
If running a small business was easy, everyone would do it. It truly takes a special type of person to jump in and embrace the risks that come with entrepreneurship. These business owners don’t just contribute to the economy; they build culture and foster loyalty within communities. At EntreBank, we understand this journey firsthand. Just a few years ago, we were in the same position – taking the risk and jumping in as small business owners ourselves. That’s another reason we take so much pride in supporting local entrepreneurs and fueling the spirit of innovation. As you support small businesses on Small Business Saturday and beyond, remember that every purchase and interaction strengthens the fabric of your community and helps build a stronger, more vibrant future for all.
