SmartMoney Monday: The importance of small businesses

HONOLULU (HawaiiNewsNow) - According to the Small Business Administration, a small business is one with fewer than 500 employees. But the majority of Hawaii's small businesses have 100 employees or less. And one out of five small businesses in Hawaii have under 20 people. But, over half of Hawaii's private sector jobs come from small businesses. In fact, over 90% of the businesses in Hawaii are small businesses. Small business really is the engine of our economy. And a lot of the innovation in our economy comes from small businesses in all areas of the economy, from service businesses to technology.

For a small business to succeed, it takes a lot of drive, hard work and a solid business plan. It can also mean finding the right financial partner. You want a bank that has lots of experience working with and understanding the needs of entrepreneurs. Of course, you want the financial resources of a bank, from loans to merchant services. But you also want the guidance of an experienced banker.  A good banker can really use their experience to help a small business focus on what tools are available to help them manage their business' financials.

And the more successful Hawaii's small businesses are, the more successful all of Hawaii is!

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