HELPING SMALL BUSINESS THRIVE
In honor of May being Small Business Month, we will look at the impact small businesses have on our communities, as well as the associations that help them excel.
Though small businesses may appear exactly as their name suggests – a micro version of a major operation – the size and scope of these businesses is quite large.
From workforce and economy to influencing their respective industries, the positive effects from small businesses are seen and felt everywhere.
It’s the importance of these operations to our communities that leads associations like the Small Business Administration (SBA) and Small Business Development Centers (SBDC) to work toward ensuring their continued success and survival.
The SBA advocates for small business, providing information and resources to help entrepreneurs plan, launch, manage and grow their businesses. The SBA offers business counseling, guaranteed business loans, home and business disaster loans, and help with federal government financing in locations throughout the country.
The SBDC offers professional, individualized advising and tech assistance to upcoming and pre-existing entrepreneurs. The organization will also work in connection with the SBA to develop the necessary tools to support business start-ups and help expand established businesses.
SBA and SBDC are just two of the organizations in the United States dedicated to the longevity and prosperity of small business, as they understand just how pivotal these operations are.
According to data from these government agencies, here are small business statistics:
· The SBA defines any business with an employee count under 500 as “small”.
· 33.2 million small businesses are currently active.
· 61.7 million people in the U.S. are employed by a small business.
· Small businesses employ 17.3 million net new jobs and account for 62.7% of net jobs created since 1995.
· Small businesses are said to pay 39.4% of private sector payroll and generate 32.6% of known export value.