Arkansas Small Business

Weekly Update from State Representative DeAnn Vaught

While the convenience of department stores and online shopping is undeniable, we’d like to take this time to encourage you to incorporate shopping locally this holiday season.

Saturday, November 25, 2023, is Small Business Saturday – a day to celebrate and support small businesses and all they do for their communities.

Small businesses are the lifeblood of our communities, and by choosing to support them, we can make a significant positive impact on our state's economy, as well as create a more vibrant and diverse shopping experience.

A small business in Arkansas is defined as those with less than 500 employees. There are more than 264,000 small businesses in Arkansas. Small businesses make up the majority of businesses in the state. More than 47% of all Arkansas employees work for a small business.

When you shop at small businesses, your dollars stay within the local economy. These businesses often reinvest in the community, helping to create jobs and contribute to the overall economic well-being of your area. In fact, studies show that 68 cents of every dollar spent at a small business stays in the community. In addition, every dollar spent at a small business creates an additional 48 cents in local business activity as a result of employees and local businesses purchasing local goods and services.

Small businesses are often family-owned or operated by your neighbors, friends, and fellow community members. By shopping at these local establishments, you not only support their livelihoods but also create a stronger sense of unity and connection within your town or city. They also offer a treasure trove of one-of-a-kind products that you won't find in larger stores.

Your small purchase this holiday season can make a big difference.

UA report marks funding disparities among Arkansas entrepreneurs

by Jeff Della Rosa (JDellaRosa@nwabj.com)

The University of Arkansas has released the second edition of a report that examines the funding options available to startups and small businesses in Arkansas. Amid a nationwide surge in investments in 2021, equity-based investments in Arkansas significantly eclipsed 2020 levels across all stages, including seed, angel, early-stage venture capital and late-stage venture capital.

The new report, 2021 Arkansas Capital Scan, shows the number of venture capital deals in Arkansas doubled to 12, and their value rose by 674.9% to $127.4 million from 2020. Meanwhile, seed and angel investments increased by 130% to $55.31 million. And 19 federal grants were awarded to 13 Arkansas small businesses and entrepreneurs totaling $6.99 million in investment.

The report also shows that white male founders received about 90% of seed funding, while roughly the remainder went to businesses started by those who were both women and people of color. The most significant angel and seed investment was $9.7 million, which went to medical marijuana manufacturer Good Day Farm in Pine Bluff. The business also raised the second-largest round of venture capital funding of $31.2 million later in the year. Fayetteville-based farmland investment firm AcreTrader raised $52 million in venture capital funding in 2021.

https://talkbusiness.net/2023/02/ua-report-marks-funding-disparities-among-arkansas-entrepreneurs/

Cooperative Extension Service to co-host Arkansas Business Navigator informational session

BRINKLEY, Ark. — Do you need help growing or expanding your business? Is your business looking for financial assistance, but you don’t know what your options are? Is your inner entrepreneur in need of some guidance? An upcoming event, co-hosted by the Arkansas Procurement Technical Assistance Center, likely has the answers you’re looking for.

FINDING THE WAY — Arkansas Business Navigator is the newest program from the Arkansas Small Business Technology and Development Center, a function of the federal Small Business Administration that works through land grant universities and other institutions. (Division of Agriculture graphic.)

Arkansas Business Navigator is the newest program from the Arkansas Small Business Technology and Development Center, a function of the federal Small Business Administration that works through land grant universities and other institutions.

The informational session will be held Jan. 26 at the Brinkley Chamber of Commerce, located at 217 W. Cypress St. in Brinkley. Doors open at 5:30 p.m., and the program will begin at 6 p.m. There is no cost to attend.

The program is focused on supporting small business owners and entrepreneurs across Arkansas with an emphasis on support for rural, women-owned, veteran-owned and minority-owned businesses. It’s a joint project of the Cooperative Extension Service’s APTAC, the Monroe and Phillips County extension offices, the Brinkley Chamber of Commerce and East Arkansas Enterprise Community.

Kamelle Gomez, economic development program associate for the Division of Agriculture, said the Cooperative Extension Service — the outreach arm of the University of Arkansas System Division of Agriculture — is one of six partners supporting the program.

“We’re helping to provide no cost, one-on-one business consulting, business planning, market research, access to capital and industry-specific training,” Gomez said. “We want you to come learn how the Arkansas Business Navigator can help your business launch, grow, and plan for success.”

Interested individuals may contact Gomez at 501-671-2158 or kgomez@uada.edu.

To learn about extension programs in Arkansas, contact your local Cooperative Extension Service agent or visit www.uaex.uada.edu. Follow us on Twitter and Instagram at @AR_Extension. To learn more about Division of Agriculture research, visit the Arkansas Agricultural Experiment Station website: https://aaes.uada.edu/. Follow on Twitter at @ArkAgResearch. To learn more about the Division of Agriculture, visit https://uada.edu/. Follow us on Twitter at @AgInArk.

Weekly Update from State Representative DeAnn Vaught

When you choose to shop at a small business you are choosing to invest in your community. It is estimated that for every $100 spent in a local business, $68 recirculates and remains in the local economy.

Local businesses are owned by people who live in your community. They donate to local causes and employ local people. In fact, 47.2% of employees in Arkansas work for a small business.

Saturday, November 26, 2022, is Small Business Saturday. It’s a day to celebrate and support small businesses and all they do for their communities. There are more than 260,000 small businesses in Arkansas. These businesses employ close to 500,000 Arkansans.

More than 43% of small businesses in Arkansas are owned by women. Veterans own 9.1% of small businesses and minorities 13% of small businesses in the state.

These owners took a chance on their dreams. As a result, the employees are more likely to be personally invested in the products or services they are selling. That often means they can provide more specific product expertise and a personalized shopping experience.

Whether it’s handcrafted jewelry or vintage furniture, locally-owned businesses are also more likely to offer unique merchandise.

The Arkansas General Assembly continually reviews proposals to make it easier to open and sustain small businesses. In recent years, we’ve reduced the red tape on licensing procedures, lowered taxes, and improved infrastructure. As we approach the 2023 Regular Session, supporting our small businesses will continue to be a priority.

Your small purchase this holiday season can make a big difference. Our small business owners are still emerging from a challenging economic time in our history. We encourage you to shop local throughout this holiday season.

UA report maps out funding options for startups and small businesses

by Paul Gatling (pgatling@nwabj.com)

A new report released by the University of Arkansas examines a broad cross-section of the funding options available to startups and small businesses in Arkansas.

A team of collaborators across the Sam M. Walton College of Business and the Division of Economic Development at the UA produced the Arkansas Capital Scan. According to a news release, it’s modeled after a similar report published each year by the University of Oregon, the Oregon Capital Scan.

The 86-page report, intended to be an annual publication, is intended to assist policymakers, investors, and other stakeholders in identifying gaps and opportunities in support of small businesses.

https://talkbusiness.net/2021/11/ua-report-maps-out-funding-options-for-startups-and-small-businesses/

Arkansas Health Secretary To Remain In Position After Fierce Legislative Debate

By MICHAEL HIBBLEN

The Arkansas Senate narrowly voted Thursday to keep state Health Secretary Dr. José Romero in his position, despite criticism from some senators over his actions during the COVID-19 pandemic.

The debate also included an ongoing theme of some senators accusing the executive branch of wielding too much power during the health emergency. Romero was appointed to the position by Gov. Asa Hutchinson last May, and continues to have the governor’s support.

https://www.ualrpublicradio.org/post/arkansas-health-secretary-remain-position-after-fierce-legislative-debate

Arkansas Health Secretary José Romero speaking at a press conference on Jan. 18 shortly before being vaccinated for COVID-19.CREDIT MICHAEL HIBBLEN / KUAR NEWS

Arkansas Health Secretary José Romero speaking at a press conference on Jan. 18 shortly before being vaccinated for COVID-19.

CREDIT MICHAEL HIBBLEN / KUAR NEWS

U.S. Rep. Hill Introducing PPP Change For Calculating Pandemic Revenue Losses

By ROBY BROCK / TALK BUSINESS & POLITICS

U.S. Rep. French Hill, R-Little Rock, announced plans on Thursday to introduce a change to the Paycheck Protection Program that he touted would help small businesses impacted by the COVID-19 pandemic.

Hill, R-Little Rock, said he was introducing the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term, or the PRACTICAL Act, next week in Congress. In Arkansas, more than 14,000 businesses have received $4.6 billion through PPP funding over the course of the pandemic. Hill said it has helped save more than 375,000 Arkansas jobs.

https://www.ualrpublicradio.org/post/us-rep-hill-introducing-ppp-change-calculating-pandemic-revenue-losses

U.S. Rep. French Hill announced plans Thursday to introduce the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term, or the PRACTICAL Act, next week in Congress.CREDIT TALK BUSINESS & POLITICS

U.S. Rep. French Hill announced plans Thursday to introduce the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-Term, or the PRACTICAL Act, next week in Congress.

CREDIT TALK BUSINESS & POLITICS

Thousands of Arkansas Small Businesses Receive Interruption Grants

On Dec. 23, $48 million dollars worth of Business Interruption Grants were awarded to 2,136 struggling tourism, travel, recreation, hospitality and personal care businesses in Arkansas. The grants will offset operating costs and salaries, and range from several hundred to a quarter million dollars.

https://www.kuaf.com/post/thousands-arkansas-small-businesses-receive-interruption-grants