In Business / March 2007
Small Businesses Take Ten
Small businesses are the heart of West Virginia’s economy, and the Office of Advocacy of the U.S. Small Business Administration has their own Top Ten reasons to love West Virginia Small Businesses.
10. Small businesses make up 96.7 percent of all West Virginia employers.
9. Small businesses create more than 50 percent of the American non-farm private gross domestic product (GDP).
8. Small patenting firms produce 13 to 14 times more patents per employee than large patenting firms.
7. The 123,300 small businesses in West Virginia are located in every community and neighborhood.
6. Small businesses employ 54.3 percent of West Virginia’s non-farm private sector workers.
5. Home-based businesses account for 53 percent of all small businesses.
4. Small businesses are 97 percent of America’s exporters and produce 26 percent of all export value.
3. West Virginia saw an estimated 3,493 new small firms with employees start-up in the last year measured.
2. There are approximately 3,800 minority-owned businesses and 31,301 women-owned businesses in West Virginia, and almost all of them are small businesses.
1. The latest figures show that small business creates 65 percent or more of America’s net new jobs.
For more information, visit the Office of Advocacy website at www.sba.gov/advo or call (202) 205-6533.
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