Every year, the federal government chooses one week to recognize and honor America’s small business owners.
In too many speeches, we’ve been called the backbone of the economy or the heartbeat of our country. And yet, most of the time, we feel like the plow horse of our country’s economy.
Despite this, thankfully, most business owners I meet LOVE what they do as much as I love what I do.
So, in the spirit of celebrating my fellow business owners, here are some statistics that everyone should know about the small business market:
- In 2022, there were 33.2 million small businesses in the U.S. (employing more than 61 million people)
- Small businesses created 12.9 million net new jobs between 1996 and 2021 (66% of all net new jobs)
- $25.7 billion in SBA 7(a) loans were provided to small businesses in fiscal year 2022
- Women own 21.4% of employer businesses
- Minorities own 19.9% of employer businesses
- 21.7% of business owners are immigrants
- $2 billion-plus in bonded contracts were awarded to small businesses in fiscal year 2022
- 76% of SBA microloans went to underserved communities in fiscal year 2022
Take time this week to shop local stores and support small business owners wherever you can…and let’s see if we can raise the numbers even higher in 2024!
Brian Moran, CEO
Small Business Edge
Brian Moran & Associates