Top Ten Reasons SBA is Sweet on Small Business
by Karen Mills, Former SBA Administrator
- Created: February 8, 2013, 4:47 pm
- Updated: February 11, 2013, 10:53 am
It’s February—that time of year filled with candy hearts, boxes of chocolate, and the chance to let the people you love know exactly how you feel. While Cupid may be busy this Valentine’s day, we at the U.S. Small Business Administration are just as busy making sure that America’s small businesses know how much we care.
- Between 1993 and 2011, small firms accounted for 64% of the net new jobs created in the United States.
- Small businesses comprise 98 percent of America’s exporters and produce 33 percent of all export value.
- Small businesses create more than 46 percent of the American nonfarm private gross domestic product (GDP).
- Small businesses create 43 percent of all high-tech employment.
- Home-based businesses account for 52 percent of all small businesses.
- More than 7.8 million businesses are owned by women.
- Veterans also own more than 3.7 million small businesses, and are at least 45 percent more likely to be self-employed in the private sector workforce than those with no active-duty military experience.
- Small businesses received over $90 billion in Federal contracts in FY 2011.
- Small, high-patenting firms produce 16 times more patents per employee than large patenting firms.
- With approximately 28 million small businesses in the United States, employing 60 million Americans, small businesses employ half of the private sector workforce
Are you sweet on the small businesses in your community? Let us know by sending us a tweet using hashtag #SweetOnBiz.
About the Author
Karen Gordon Mills is the Former Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.
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