Small businesses are "cautiously optimistic" about their fortunes in the coming months after enduring economic pressures related to the recession.

"They may not be in the process of adding more people to employment ranks, (but) they are holding firm to what they have," Richards said.

However, Richards noted that firms in Valparaiso haven't been hit as hard as others in the region. And one positive sign is that banks are seeking to move into the area, which he said makes a strong statement about the community's viability.

One problem Richards has with the federal government is that officials haven't considered doing targeted tax credits for businesses to provide an incentive to continue or ramp up production. He said there's also a sentiment in the country that businesses turning a profit is somehow "un-American," which runs counter to the environment needed to stimulate economic growth.