Small businesses in Texas are hoping shoppers will look beyond major retailers for "Black Friday." "Small Business Saturday" was launched by American Express 13 years ago; the Small Business Administration now urges people to visit locally owned shops and restaurants the Saturday after Thanksgiving.
SBA says businesses with fewer than 500 employees account for 99.9% of all business in the United States and 44% of economic activity. Over the past 25 years, SBA says small businesses created 62% of the country's jobs.
"There are 33 million small businesses right now in the U.S. Before the pandemic, that number was 30 [million]," says SBA Dallas/Fort Worth District Director Herbert Austin. "It's interesting during the pandemic, people decided, 'I can no longer work for people. Let me start something.' That's the American dream."
Austin has been meeting with small business owners this week to encourage them to seek SBA loans to expand or improve. Tuesday, he stopped at Les Délices de France near Alpha Rd and Noel Rd near Galleria Dallas.
"I can say whatever I become in the next five years will be because of this SBA loan," says Owner Jean Chrispin Djomo.
Since opening last year, Djomo says he has learned which items are his best sellers, but the SBA loan will help him expand and become more visible.
"There's no worst-case scenario," he says. "I would still be where I was if I didn't get the loan. When I got it, I was like, 'wow.' I didn't know I could do all these things myself."
Djomo came to the United States from France in 2008. He opened Les Delices de France about a year ago. He says he has started working with Dallas College to develop a culinary program that focuses on pastry.
"They do more restaurant training for students than pastry," he says. "There was no way for me to find someone who would be up to speed. My goal is to be able to venture with them in education, to be able to partner with the school."
The SBA's Austin says increasing interest rates and the threat of a recession are making it harder for small businesses to get financing.
"If I needed money to start a business, it may not be the right time for me right now," he says. "We don't know what it's going to look like."
SBA says Americans spent $23.3 billion on Small Business Saturday last year.
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