BUSINESS
10/08/2014 12:00 am ET Updated Dec 06, 2017
PRESENTED BY GOLDMAN SACHS

Here's Why Small Businesses Are More Important Than You Ever Imagined

We hear time and again that this country is powered by small businesses and it’s true. It’s even more true for some states over others.

Small businesses employ 48.5% or almost half of private sector workers according to the U.S. Small Business Administration.

States such as Montana, Wyoming and South Dakota depend on small businesses more than the rest of the country with higher percentages of their workers employed by small companies. How much does your state depend on small business? In partnership with the Goldman Sachs 10,000 Small Businesses program, we created a map so you can find out.

The Goldman Sachs 10,000 Small Businesses program has the mission of helping entrepreneurs across the country grow their businesses, in turn creating more jobs and helping the national economy. Within six months of graduating 10,000 Small Businesses, 45% of graduates have created new jobs and 64% have increased their company’s revenue. For more information about the program, which is available to small business owners across the United States, please visit: http://www.goldmansachs.com/citizenship/10000-small-businesses/US/

Sources:
1. sba.gov FAQ, March 2014, http://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
House Committee On Small Business Fact Sheet, April 2014, http://smallbusiness.house.gov/uploadedfiles/3.14.14_small_biz_fact_sheet.pdf
2. sba.gov FAQ, March 2014, http://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
3. ADP Employment Report, August 2014, http://www.adpemploymentreport.com/2014/August/SBS/SBS-NER-August-2014.aspx

Other Sources:
SBA.gov Small Business Profiles for States and Territories, http://www.sba.gov/advocacy/2013-small-business-profiles-states-and-territories
Stimulating Small Business Growth Report (2014), http://www.goldmansachs.com/citizenship/10000-small-businesses/US/news-and-events/10ksb-impact-report-2014/program-report.pdf
SBA.gov Small Business GDP: Update 2002-2010 (2012), http://www.sba.gov/content/small-business-gdp-update-2002-2010
SBA.gov Frequently Asked Questions (2012), http://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
U.S. Small Business Administration. (2011). Frequently Asked Questions. Retrieved September 23, 2013 from http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

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