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14 Reasons We’re Sweet on Washington Small Business

Release Date: 
Friday, February 13, 2015
Release Number: 
SDOP-15-06
Contact: 
Melanie Norton (206) 553-7082

SEATTLE – Small businesses are the heart of Washington’s economy. This Valentine’s Day, the U.S. Small Business Administration Seattle District Office is sending them this valentine with 14 reasons why we love small business.

Small businesses in Washington state …

  1. Care about their communities – More than 549,000 small businesses are located in nearly every community and neighborhood in the state.
     
  2. Provide opportunities Small businesses make up 98 percent of all Washington employers. 
     
  3. Create jobs – Two out of every three new jobs created in the U.S. are from small businesses.
     
  4. Grow the global economy – 90 percent of Washington exporters are small firms.
     
  5. Represent the diversity of America – Approximately 72,000 small businesses in Washington are owned by minorities.
     
  6. Value military experience – Approximately 48,000 small businesses in Washington are owned by veterans.
     
  7. Contribute to Washington being an economic leader – Washington’s real gross state product increased by 3.6 percent compared to 2.5 percent for U.S. gross domestic product in 2012.
     
  8. Employ more than half the workforce – Small businesses in Washington employed 1.2 million people in the state’s private workforce in 2011.
     
  9. Build a healthy entrepreneurial environment for the self-employed – Annual income from sole proprietorships increased 8.1 percent during the third quarter of 2013 and totaled $24.1 billion.
     
  10. Lead the way for female entrepreneurs – Self-employed women in Washington outpace the national number of self-employed women by 32 percent.
     
  11. Direct local industries –Health care and social assistance; accommodation and food services; and retail trade were the three industries with the most small business employment.
     
  12. Drive innovation – Small patenting firms produce 13 to 14 times more patents per employee than large patenting firms.
     
  13. Create opportunities for flexible work and lifestyles – Home-based businesses account for 53 percent of all small businesses.
     
  14. Inspire us – Small business owners work countless hours, sacrifice their personal time and assets, improve their communities and follow their dreams.

About the U.S. Small Business Administration (SBA) Seattle District Office:

The SBA Seattle District serves Washington state and northern Idaho with office locations in Seattle and Spokane. Today’s SBA stands for more than Small Business Administration; it stands for Smart, Bold and Accessible. SBA staff provides resources and services in three areas referred to as “the three C’s” – Counseling, Capital and Contracting. Visit www.sba.gov/wa for localized information including resource partners, lenders, events and workshops, success stories, news and updates, and other information aimed to help business start, grow and succeed.