SPRING 2004

Community Affairs Staff Focuses
on Entrepreneurship

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Community Affairs Staff Focuses on Entrepreneurship

By Glenda Wilson
Community Affairs Officer

It is well-known that small business plays a substantial role in our overall economy. More than 99 percent of all American businesses are small, according to the U.S. Small Business Administration (SBA). They create 75 percent of the net new jobs, and they employ more than half of the nation’s nonfarm private employees, according to the 2003 State Small Business Profiles report from the SBA. The report shows small business dominates several sectors of the economy, such as construction; professional, scientific and technical services; and health care and social assistance. These data demonstrate the importance of supporting small-business development.

Access to capital and credit is one of the most critical elements to the success of these enterprises. Improving the flow of capital to small businesses has been a priority in public policy and private industry for decades, with market forces and technological advances constantly presenting new opportunities for accomplishing this goal...FULL STORY