According to SBA, Small businesses will play an important role in the nation’s economic future and to create new jobs. About the small business employment, bank lending, the demographics of business ownership, business starts and closings, and firm and employment change by major industry and firm size details were given by the Office of Advocacy’s Small Business Profile for the United States.
According to Susan Walthall, Acting Chief Counsel for Advocacy, the United States continues to depend on the health and ingenuity of its small business sector for the nation’s economic growth. In today’s economic climate, it is very important for policymakers to keep small business concerns in mind as they formulate policy.
Key statistics of Fact sheet
- There was an increase of 0.7 percent in GDP as well as there was decline of 0.7 percent in private sector employment, in 2008.
- From the latest data, small employers in the United states numbered 6 million in 2006. By 2007, there was an increase in the non-employers. It was 20.8 million non-employers, which increased by 21.7 million by 2007.
- In 2005-2006, there was addition of 2.5 million jobs by small businesses. In 2006, they totally employed 50.2 percent of the nation’s non-farm private workforce.
- The businesses which were owned by women, and by Hispanic Americans, Asian Americans, African Americans, and Hawaiians and Pacific Islanders increased significantly over the period for which Census data is available.