Celebrating Small Business Month: 5 Cool Facts and Financing Insights
May marks an exceptional time in the United States - it's Small Business Month! This annual celebration honors the resilience, dedication, and invaluable contributions of small businesses across the nation. From their unwavering spirit to their profound impact on local communities, small businesses truly embody the essence of the American Dream.
According to a revealing 2020 study by the U.S. Small Business Administration (S.B.A.), small businesses constitute a staggering 99.9% of all businesses in the United States. These enterprises aren't just statistics; they are the unsung heroes driving the nation's economy forward.
Here are 5 intriguing facts about small businesses, as highlighted by Invest Caribbean executives:
The numbers don’t lie: Small businesses form the backbone of the U.S. business landscape, accounting for a whopping 99.9% of all businesses operating in the country.
They provide a lot of jobs: Annually, small businesses are responsible for creating an impressive 1.5 million jobs, showcasing their pivotal role in fostering employment opportunities.
A one-man army: Surprisingly, approximately 70% of small businesses are owned and operated by a single individual, underscoring the entrepreneurial spirit that drives these ventures.
It’s as fast as that: In the U.S., the process of starting a business is remarkably efficient, taking just six days to get up and running, testament to the supportive ecosystem for entrepreneurship.
It’s a competitive world: Despite their resilience, small businesses face significant challenges, with only 50% surviving beyond the crucial first five years of operation, highlighting the need for strategic planning and support.
In the realm of financing, the landscape varies significantly between established economies like the U.S. and emerging markets globally. In the U.S., accessing capital is relatively easier, with a myriad of options available to small business owners:
Term Loans
SBA Loans
Advances
Credit Lines
Equipment Financing
And more!
These financing solutions offer flexibility and can be utilized for various business purposes, including purchasing equipment, bolstering inventory, managing working capital, or consolidating debt and merchant cash advances.
Curious about your financing options? Take the first step and see if you pre-qualify today, all without impacting your credit score. Empower your small business journey with the right financial support, and celebrate the essence of entrepreneurship this Small Business Month!