For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week, which recognizes the critical contributions of our country’s entrepreneurs and small business owners. Here in Minnesota, 47% of workers are employed by small businesses, which account for 1.3 million jobs.  

Starting September 22, the SBA is celebrating small businesses by hosting a three-day virtual event featuring numerous educational panels providing retooling and innovative practices for entrepreneurs as our small businesses look to pivot and recover from issues caused by the COVID-19 pandemic. 

Here at Minnesota’s Department of Employment and Economic Development (DEED), we’re working to support our small businesses. And now more than ever, we’re asking you to join us in celebrating Minnesota’s small businesses at a time when they need it most. 

The Minnesota Small Business Development Center (SBDC) Network – our nine regional centers and 25 satellite centers – are dedicated to bringing new skills and technology to help support our businesses and grow our state’s economy. Minnesota’s statewide network of SBDCs provide professional expertise and guidance that every small business owner needs to thrive in a competitive and ever-changing business world. 

The SBA has named the South Central Small Business Development Center as the Minnesota 2020 SBDC of Excellence. Housed at Minnesota State University Mankato, the South Central SBDC facilitated over $56 million in SBA-backed loans in 2019, and assisted clients in exceeding $10 million in capital infusion in the region.  

Besides celebrating National Small Business Week, this year our SBDCs are celebrating 40 years of helping entrepreneurs start and grow successful businesses. Since 1980, more than 5,000 Minnesota businesses have been created, more than 100,000 jobs have been created or saved, and over 930,000 hours of consulting services have been provided to Minnesotans.  

Our SBDCs work closely with other DEED initiatives such as Launch Minnesota, our statewide collaborative effort to accelerate innovative Minnesota startups, to help small businesses grow. 

Many of DEED's programs, grants, loans and tax credits work together to help support our state's small businesses:  

• Launch Minnesota Innovation Grants target the most promising, innovative and scalable technology businesses. The grants support Minnesota technology startups and entrepreneurs, who are solving problems and growing our state’s innovation ecosystem. 
• The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. DEED provides grant funds to a network of nonprofit lenders which use these funds for loans to start-up and expanding businesses throughout the state. The program also provides jobs for minority and/or low-income persons, creating and strengthening minority business enterprises, and promoting economic development in low-income areas. 
• Minnesota’s Angel Tax Credit helps stimulate private investment in emerging businesses and encourages job creation from tax incentives to investors or funds that invest in startup businesses that are focused on high technology or new proprietary technology 

You can find more info on Launch Minnesota and other DEED programs supporting small businesses here.  

Despite all the obstacles that small businesses have had to face in the last six months, recent data gives hope to the future of Minnesota’s small businesses.   

Since June, new business filings in the state are notably up, according to data from the Minnesota Secretary of State’s office. New filings were up 11% in June, 33% in July, and 30% in August compared to the same month in 2019.  

We’re proud and excited to spotlight Minnesota’s small business owners, and hope you’ll join us in the week ahead!