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Health & Fitness

Small Business, Big Contribution

Small Businesses make big contributions to the local community. Check out the surprising statistics and consider how your community would change without their presence.

What would life look like in your community without small businesses? Have you ever considered how small businesses contribute to the overall stability of a community and enhance the quality of life for their customers? As I think about the small businesses I interact with on a daily basis, it occurs to me that life would be very different without the goods and services they provide. The Small Business Administration focuses on these entrepreneurs May 20th through May 26th for National Small Business Week.

The U.S. Small Business Administration, Office of Advocacy highlights some surprising statistics about how important small businesses are to the national, state and local economy:

* There are 28 million small businesses in the U.S., outnumbering corporations 1162 to 1

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* 70% of small businesses are owned and operated by a single person

* Small businesses employ 57% of the country's private workforce

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* Small businesses pay 44% of the U.S. Payroll

* Only 2% of small businesses are franchises, most (54%) are home based

* An estimated 60% to 80% of all new jobs come from small businesses

As we continue to search for ways to strengthen our economy and increase opportunities for our residents, small businesses have a large role to play in our recovery. Look for ways to support small businesses in your community.

 

Misty Shay Cole is the Regional Business Development Manager at .

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