As National Small Business Week approaches, we at DFCU Financial are proud to stand behind the small businesses that drive our local economies.
People say, “Big things come in small packages,” and that is true for the local small businesses in our DFCU Financial footprint. Tampa Bay and Michigan are bustling with thousands of small businesses, ranging from mom-and-pop stores to innovative tech startups. The success of these small businesses isn’t just important to the owners or investors, though. These local businesses play a vital role in our economies, creating jobs, driving innovation, and supporting communities.
Check out these small business facts:
- Job Creation: According to the Small Business Administration, small businesses have accounted for 2 out of every 3 jobs added in the past 25 years (2022).
- Economic Impact: Small businesses are a significant contributor to the economy, accounting for nearly half of the private-sector output in the United States.
- Innovation: Small businesses are often a source of innovation, with the smallest research and development businesses engaging in more patenting activity per employee.
- Community Involvement: Small businesses donate 250% more than larger businesses to local non-profits and community causes, according to SCORE, the nation's largest network of volunteer, expert business mentors (2022).
- Entrepreneurship: Small businesses are a critical driver of entrepreneurship, with nearly 33.2 million small businesses in the United States, representing 99.9% of all businesses (SBA, 2022).
- Diversity: Small businesses often provide greater diversity and choice to consumers, with small businesses accounting for 44% of all U.S. sales.
But let's face it, running a small business isn't always sunshine and rainbows. They face a variety of challenges, including access to capital, competition from larger corporations, and navigating complex regulatory environments. And that's where DFCU Financial comes in.
DFCU Financial is a credit union that champions small businesses with over $1.5 billion in loans provided to small businesses. DFCU Financial offers a range of financial business products and services, including loans, deposit accounts, and credit cards. And as the Cash Back credit union, our eligible business clients benefit from our amazing Cash Back program. That’s right, qualifying members receive cash back on business loans and deposits.
DFCU Financial also supports our local small businesses through DFCU Perks (powered by BaZing). Our team and members refer their favorite local businesses to be on the app, which helps these small businesses build their brand and establish a strong presence in our community. This gives small businesses a chance to strut their stuff, as they offer discounts and exclusive deals to attract new customers and keep the old ones coming back for more.
At the end of the day, we are dedicated to helping small business owners overcome the financial challenges they face, so they can thrive in our area. We want to see small businesses succeed, so that we can work, play, and live in a vibrant and prosperous community, together.
"At the heart of every thriving community are small business owners who make a profound impact. They not only provide goods and services, but also sponsor local events, support charities, and create job opportunities. At DFCU Financial, we recognize the vital role that local entrepreneurs play in shaping our communities. We are dedicated to supporting them and fostering their growth, and we value their lasting influence on the fabric of our area."- Jack Barrett, Florida Market President and Chief Commercial Services Officer of DFCU Financial
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