Sunday, January 10, 2010

Small Business (SBA) FAQ

Docuticker blog published SBA - Frequently Asked Questions which I think fits well with this blog.

Source: U.S. Small Business Administration, Office of Advocacy
From e-mail:

The Office of Advocacy released its annual update to the Frequently Asked Questions. It estimates that there were 29.6 million small businesses in the United States in 2008. Once again, the document shows the importance of entrepreneurship to our nation’s economy, with small businesses accounting for half of nonfarm, private real GDP and half of all private sector employment. In addition, small businesses generate the majority of net new jobs. Firms with fewer than 500 employees accounted for 64 percent (or 14.5 million) of the 22.5 million net new jobs (gains minus losses) between 1993 and the third quarter of 2008. An estimated 627,200 new employer firms began operation in 2008, and 595,600 firms closed that year. Moreover, according to U.S. Census data, seven out of ten new employer firms last at least two years, and about half survive five years.