There’s a lot to love about small businesses. They enrich local communities and stimulate economic growth across the nation. What’s more, business ownership offers those with a strong work ethic and a vision the opportunity to become financially independent, all while creating jobs for others. On Valentine’s Day, we pause to thank small business owners for all that they do for our nation.
The small business sector is flourishing in 2020. There are 30.7 million small businesses in the United States comprising 99% of all firms and 97% of exporting firms. Additionally, self-employment has been on an upward trend for more than four years.
Small businesses make a huge impact on the national economy. Small firms – or those with fewer than 500 employees – have accounted for 8.7 million net new private-sector jobs since 2005. That’s 62% of total new private-sector jobs.
At the U.S. Small Business Administration, we’re also proud of the diversity of the small business community. There are:
- 8 million minority firms in the U.S.
- 2.5 million veteran-owned firms
- 9.9 million woman-owned firms
We are grateful for small businesses and their positive impact on the economy and the fabric of our country – and we are doing all that we can to help these businesses start, grow, expand, and recover. We provide:
- Access to capital: The SBA provides an array of funding programs for small businesses, including SBA-guaranteed loans, surety bonds, and disaster assistance. We also help connect small businesses with investors and government grants (e.g., grants for businesses that do scientific research and development).
- Entrepreneurial development: We offer free counseling and low-cost training to new entrepreneurs and established small businesses at more than 1,800 locations.
- Government contracting opportunities: The SBA sets goals with other federal departments and agencies to award 23% of prime contract dollars to small businesses.
- Advocacy: The SBA reviews Congressional legislation, testifies on behalf of small businesses, and assesses the impact of regulatory burden on small businesses.
Whatever your small business dreams are, SBA has resources to help them come true. Learn more at sba.gov.