Small businesses and entrepreneurs are important to Siloam Springs, with close to 700 smaller businesses operating within the city. A network of mentors, local investors and available buildings encourages private sector innovation and university research throughout Northwest Arkansas. Just in historic, vibrant, downtown Siloam Springs, in recent years more than 25 businesses have opened, adding nearly 100 new jobs.
Northwest Arkansas has been named by Entrepreneur Magazine as one of nine areas in the U.S. that are great for tech startups. Other startups are eyeing Siloam Springs as well, and John Brown University in Siloam Springs is adding a minor in entrepreneurship to its academic program and will graduate its first students with an entrepreneurship minor in 2018. Many of Downtown Siloam Springs’ small businesses are owned and operated by John Brown University graduates who chose to stay in Siloam Springs after graduation.
The firm Retail Attractions has identified several opportunity sectors in Siloam Springs for retail businesses due to the amount of revenue currently leaving the market due to unmet demand. These sectors include: Food/Beverage, Beer/Wine/Liquor, Special Food Service, Office Supply/Stationery, Outdoor Power Equipment, Sporting Goods, Health & Personal Care, Clothing & Apparel, and other miscellaneous store retailers. Retailers who are considering a location in Siloam Springs will find a consumer population eager to purchase these and other products closer to home.