Opinion: Small business investment drives community growth

Summer Massey

Small businesses have become a critical part of Missouri’s economy. The Missouri Department of Economic Development reports that according to the U.S. Small Business Administration, 99% (nearly 550,000) of businesses in Missouri are small businesses. Additionally, almost half of the state’s workforce is comprised of 1.1 million small-business employees.

With a good portion of the state’s economy resting on the success of new and existing small businesses, working to ensure these business owners and employees have access to the resources they need moving forward is crucial to helping them achieve continued success.

Building infrastructure that can support existing businesses while also creating opportunities for sustainable growth is a key part of the resources small businesses may need. New businesses often draw in new talent, whether that’s people from other areas of Missouri or out-of-state workers, which can mean increased grocery, housing and transportation needs. Existing businesses often need to hire more workers as they expand, so they also need space to grow. Working that space into economic and physical infrastructure will help these businesses remain successful in bolstering the state’s economy.

Small business loans are also a vital resource for helping small businesses grow and thrive. When businesses enter the market in Springfield and surrounding cities, they typically need access to bank capital and seek the right financial partner for their situation. Banks throughout the Ozarks region should be investing in and offering guidance to these small business owners as they navigate their businesses’ challenges and triumphs. This may look like working to become an SBA-preferred lender, making an effort to focus more on SBA lending, helping new or established owners with business plans and loan applications as needed and offering additional educational resources as part of the lending process.

Whether adding another location, purchasing updated equipment or ironing out the details to sell their company, small-business owners need bank lenders who understand their financial goals as well as the market they operate in. Small-business lenders can build and boost entrepreneurs’ confidence in their businesses’ success by clearly illustrating how their companies contribute to the local economy’s strength, which in turn helps these business owners create successful loan applications. As they secure needed funding, these small-business owners can then continue to successfully run their businesses as part of the local and state economy.

Small businesses also rely on the communities they serve to help them achieve long-term success. Community members who choose to purchase from small businesses and engage with these brands on social media are often key sources of support for business owners in their city. Choosing to work for, own or even start a small-business are also ways individuals across the Ozarks region can help support locally owned companies in their area. Maintaining an economy that supports and rewards small-business owners is highly important for many communities throughout Missouri, and people who are committed to helping these businesses keep their doors open are essential to local economies.

As Missouri’s small-business community continues to grow and change, shopping at and supporting local companies remains key to ensuring their long-term success. To continue growing the economy, local decision makers, banks and community members have to maintain the existing conditions that allowed these businesses to survive, as well as create pathways for them to continue expanding. If Springfield, the Ozarks and the rest of the state can invest in the small businesses that are vital to their economies, they can help these companies continue to grow and bring new workers and residents to southwest Missouri.

Summer Massey is a loan manager, EVP for Arvest Bank – Springfield Region. She can be reached at smassey@arvest.com.