Small Business News

"Great things are done by a series of small things brought together." Those words by artist Vincent Van Gogh ring true today from a small business perspective, as the backbone of our economy is built on small and medium-sized companies. 

While the official end of the 2019 Atlantic hurricane season is November 30, it is critical that businesses remain prepared throughout the year for any type of emergency. 

Unfortunately, one in four businesses that close due to a disaster will not reopen. To combat that statistic, S.C. Commerce works to prepare industry for emergency response and recovery. 

This past month, the S.C. Commerce Business Services team led events focused on supporting businesses in times of disaster and helping them get back up and running. 

Opportunity Zones are a new community development program established by Congress as a part of the Tax Cuts and Jobs Act of 2017, and are designed to encourage long-term private investments in low-income communities. This program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into "Opportunity Funds," which are specialized vehicles dedicated to investing in low-income areas called "Opportunity Zones."

It’s often said that economic development is a team sport. Nowhere is that more apparent than in the small business arena, where many local, state and national organizations work together to foster an environment promoting entrepreneurship and small business growth.

Last month, Womply, a technology and data service that caters to small business, released the results of  its national small business optimism study.

Representing more than 97 percent of all private employers in South Carolina, our small businesses are a major pillar of the state’s economy. Therefore, providing a platform that allows them to be recognized, while also creating an environment for small business owners to connect and develop relationships with one another, is essential.

While the state’s industry giants often dominate the business headlines, Team South Carolina understands the importance of supporting companies of all shapes and sizes. After all, more than 97 percent of all private employers in South Carolina are small businesses. And, we have a multitude of micro-businesses – firms with five or fewer employees – operating within our borders.

In South Carolina, a wide range of opportunities exists to support the many companies, both large and small, that drive our economy. There are even initiatives to assist micro-businesses, which are firms with five employees or fewer. The success of these enterprises is essential as they create jobs, enhance income and strengthen purchasing power.

Earlier this year, the S.C. Secretary of State’s office unveiled a great new resource for businesses – an online platform for organizations to submit official business forms. Increasing efficiency, the new service allows South Carolina companies to file more than 150 official business forms digitally.

Representing more than 97 percent of all private employers in South Carolina, our small businesses are a major pillar of the state’s economy. Therefore, providing a platform that allows them to be recognized, while also creating an environment for small business owners to connect and develop relationships with one another, is essential.