Breathing new life into distressed neighborhoods is a challenging proposition. It requires government agencies, community organizations, financial institutions, corporations and individuals to come together to get the job done. Sometimes, these entities are unaware of the work each is doing … unaware of the possibilities collaboration would offer. That’s where the Federal Reserve comes in.
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.