The first week of May is Small Business Week, which acts as a time for the American people, government and even larger enterprises to observe entrepreneurship's importance in the country. With economic conditions and small business lending markets improving significantly, there is a lot to celebrate during this week's event. 

USA TODAY recently reported that U.S. Small Business Administration Administrator Maria Contreras-Sweet had pointed to the reasons why local entrepreneurship is so critical to communities in a conversation with the publication. 

"When you shop at a small business, 64 cents of that dollar stays right in your neighborhood," she told USA TODAY contributor Rhonda Abrams. 

Contreras-Sweet also noted that two-thirds of new jobs are created at small businesses, and that their roles in the modern economy is only becoming more vital. 

Small business owners are also facing a positive landscape for the rest of the year, as more signs of economic wellness become apparent. With rates low on small business loans and opportunities for financial gains growing, now is a great time to either start or grow a firm, regardless of region or industry.