Do you love where you live? If so, then you’ve got your local small businesses to thank. Being defined as 500 employees or less, small businesses are, according to Chron.com (Source), a “major contributor to the strength of local economies”. They provide new employment opportunities and bring growth and innovation to a community. Here are some stats that you may not know about these brave start-ups that can grow into large corporations.
1. Since 1995, small businesses have generated 64 percent of new jobs. They have also paid 44 percent of the United States’ total private payroll. (Source)
2. The taxes they pay go towards supporting local fire and police departments as well as schools. (Source)
3. “The 20/20 Club:” 20 million people are employed by businesses that have fewer than 20 employees. (Source)
4. 71% of businesses choose to support a local charity that benefits the area where their company and employees are based. (Source)
5. Approximately 543,000 new businesses get started each month (but more businesses shut down than start up each month, so it’s not for the faint of heart). (Source)
6. 52% of all small businesses are home based. (Source)
7. hb.com makes a good point, saying that “since people who own and operate their own business take pride in their work, it is common for their quality and efficiency to be much higher.” They are often known for providing their customers personalized and high-quality services. (Source)
The U.S. Small Business Administration, wrote a compelling article, “The Role of Small Business in Economic Development of the United States: From the End of the Korean War (1953) to present.”(Source) They contend, along with many others, that small business is an “engine of economic growth and job creation.” They claim that if the US is to continue to grow, “small business must be part of the mantle to lead it to the next level,” otherwise, we are ignoring the past.
Here at Catamount Funding, we love small businesses, and feel called to partner with them to help the economy to continue to grow. If you are a small business that is looking for growth strategies, fill out our contact form; we would love to talk with you!
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