Fast Facts: National Small Business Week

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more. This iteration focuses on Small Business Week, a local and national event celebrating small business in the United States.

This year marks the 50th anniversary that the U.S. Small Business Administration has been highlighting the impact of small business owners and entrepreneurs through National Small Business Week.
FACT: President Obama declared June 16-22 National Small Business Week, calling small business the economy’s engine and our biggest source of new jobs. This year marks the 50th anniversary that the U.S. Small Business Administration has been observing this event.

FACT: In the United States, there are an estimated 27 million small businesses, which outnumber corporations 1100 to 1.

FACT: One-third of small businesses rely on credit for financing and 60-80% of new jobs come from small businesses.

FACT: In 2010, small and medium-sized enterprises accounted for 97.8% of all U.S. exporters and 97.2% of importers.

FACT: Small businesses are innovators and produce 16.5 times more patents per employee than large firms.

FACT: 73% of small business owners feel successful and 47% are optimistic about the national economy improving this year. 44% of owners feel more confident about their local economy than the national economy, 23% feel more confident about the national economy than their local economy and 33% were not confident about either.

FACT: There is still work to do–There is a hiring standstill among small businesses, as 68% of business owners have not hired in the past year and 63% do not plan to hire in the next year.  Of business owners who have hired in the past year, 70% hired only one or two employees.

FACT: Small business owners who have not hired in the past year say they cannot afford to, their business isn’t growing, or they are taking on additional responsibilities themselves; only 14% cited a lack of qualified talent.

FACT: Since 1963, the U.S. Small Business Administration has highlighted the impact of outstanding entrepreneurs and small business owners through events across the country.  This year’s events will be held June 17-21, in Seattle, Dallas, St. Louis, Pittsburgh and Washington, D.C. and will offer tips, tools and training for small businesses to start, succeed and grow.

FACT: Small business owners will contribute to National Small Business Week by participating in online panel discussions on hot topics like social media and business financing starting daily at 4pm ET. All events will be streamed live.

FACT: Small Business Week 2013 sponsors include Northrop Grumman, Raytheon, Microsoft, National Association of the Self Employed (NASE), Arlington Texas Chamber of Commerce, AT&T, ADP, Western Pennsylvania Small Business Network, Staples, Dun & Bradstreet Credibility Corp., Visa, Women Impacting Public Policy, Lockheed Martin, National Association of Government Guaranteed Lenders, Business Forward and Office Depot.


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Written by Staff