SMALL BUSINESS GROWS STRONG IN NEW JERSEY


        The importance of small business to the state of
New Jersey is once again evident in the 1995 Small
Business Profile.  The findings reported in this
year's profile, compiled by the U.S. Small Business
Administration's (SBA) Office of Advocacy, clearly
indicate the  crucial role small businesses play in
the state's economy.  

        The profile shows that of the 183,746 full-time
business firms with employees in New Jersey, 98.5
percent are small businesses (independent businesses
with fewer than 500 workers).  The annual small
business payroll rose 4.9 percent to $43.0 billion
during 1992.  New Jersey's number of women-owned
businesses with and without employees increased 143.8
percent from 1982 to 1992, totalling 164,798.  The
report also notes that small businesses with fewer
than 20 employees reported a 5.1 percent employment
growth from 1990 to 1994.  These numbers clearly
reflect the importance of small business firms as job
creators in the state of New Jersey.

        The composition of small business in New Jersey
is very diverse.  The Health Services industry is the
largest small business employer in New Jersey.  Other
significant small business industries are, in
descending order: Business Services, Eating and
Drinking Places, Wholesale Trade-Durable Goods, and
Depository Institutions.  The fast-growing industries
include Insurance Carriers, Communications, Museums-
Botanical-Zoological Gardens, Educational Services,
and Holding and Other Investment Offices. 

        The number of new firms increased 6.0 percent
during 1994.  Business bankruptcies declined by 27.6
percent and business failures declined by 23.4
percent.  These are clear signs of a stronger economy
for the state of New Jersey.

         The SBA's Office of Advocacy study also found
that New Jersey's top ten lenders to small businesses
were: The Burlington City Bank, National Westminster
Bank of New Jersey, Minotola National Bank, Community
National Bank of New Jersey, Tinton Falls State Bank,
Continental Bank of New Jersey, Glendale National Bank
of New Jersey, Bergen Commercial Bank, Bank of
Gloucester City, and the Skylands Community Bank.

        New Jersey's 1995 Small Business Profile reveals
the striking impact small businesses have on the
state's economy.  Not only do small businesses play a
vital role as job creators, but their diversity and
composition provide the work force with endless
opportunities.  For a copy of the New Jersey Small
Business Profile please contact Harriett Lyles, SBAžs
Office of Advocacy, at (202) 205-6530.