![]() ![]() Sadly, despite American enthusiasm for small businesses, only about 50% of startups survive to see their fifth birthday. ![]() ![]() Protecting The Future Of Small Business Job Creation Windsor Fashions, a women’s apparel retailer in Santa Fe Springs, CA, added 414 new jobs between 20 after getting a loan from TMC.Flexcare Medical Staffing, a Roseville, CA-based healthcare staffing firm, has added 789 jobs in the two years since it received an SBA 504 loan from TMC.Since then, it has added over 245 employees to their staff. La Bonita, a Hispanic supermarket in Las Vegas, NV, started with 300 employees when they applied for an SBA 504 loan in 2012.Some of TMC Financing’s clients have had remarkable successes that translated directly into new job creation: From this data, we can extrapolate that big business account for, on average, less than 40% of new job jobs. The Bureau of Labor Statistics reports that small businesses created 3 million new jobs in 2015. SBA research shows that small businesses have created 66% of the net new jobs in the country from the 1970s onwards. Small business is consistently responsible for more net job creation than big business. Small businesses employ 56.8 million people, 40.8% of the private workforce.Small businesses account for 99.7% of all American business.There are 28.8 million small businesses (with 500 or fewer employees) in the U.S.You may be surprised to find out that, according to the Small Business Administration (SBA): A few statistics will make their economic strength and influence clear. Collectively, they are a powerhouse, and they form the backbone of American business. Small business owners are pioneers, known for their entrepreneurial spirit and independence. A small-business owner may interact with customers on a daily basis, staying constantly abreast of customer needs and expectations. Small companies are also closer to their customers. Small businesses lead in new technology and patent creation in the United States. The owner can make quick decisions rather than having to maneuver through layers of bureaucracy to proceed with an idea. Size can be a disadvantage when it comes to innovation-coming up with and commercializing new ideas can be tough for a large company. “Big business” is a phrase that comes up a lot in discussions of the economy, and can come across as intimidating, especially when compared to “small business.” And while “big business” is crucial to the economy, you might be surprised at how job creation plays out when compared to small businesses. ![]()
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