Anthony Timperman thought he had a brilliant business idea that was going to launch into the stratosphere. Then the economy changed, and six months into preparing to take a line of eco-friendly, sustainable cleaning products to market, he realized the contingency plan was needed.

Timperman and his partners called their advisors looking to tap a network of investors. That well had run dry. They tried family and friends, but they too were feeling the pinch. Fortunately, there were a few family members that could help and the product launch was back on track.

Small businesses felt the effects of the economy’s fall in 2008 as the year progressed. According to the US Small Business Administration, more than half of the 763,000 jobs lost in the first two quarters of 2008 were lost in small firms, and unincorporated self-employment fell from an average of 10.4 million in 2007 to an average of 10.1 million in 2008—9.6 million by November and December.

Small businesses continued to face challenges in the current climate, including accessing capital in the midst of financial instability, according to the SBA.

"Over the longer term, small firms face concerns about the cost and availability of health insurance, attracting a quality work force, meeting global competition, and perennial concerns about regulation, taxes, and government procurement opportunities," SBA said in a report to President Obama. "Research continues to show that small businesses and entrepreneurs will play important roles in the economy’s eventual recovery, through their flexibility and ability to create innovative solutions, new industries, and jobs."

Anthony and his team have scaled back their plans a bit but will soon launch the Re:Consider product line in its first test market.