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WHY HELP SMALL BUSINESSES

Small Business Growth Is Key to Sustainable Economic Growth and Job Growth

 Ø      In March of this year, the President noted that nationally small businesses accounted for two-thirds of job growth.

 Ø      In the same speech, the President said that nine out of ten women owned small businesses nationally employ fewer than ten people.

 Ø      The U.S. Small Business Administration indicated in a recent report that small businesses accounted for nearly half of the United States’ greater than $9 trillion GDP.

 Ø      The only net job growth since the 1989 recession has been new jobs created by businesses with fewer than 20 employees in Harlem and the South Bronx.* 

 Ø      In Harlem, 75% of for profit companies are businesses with less than five employees.*

 Ø      In Harlem, an estimated 70% of local residents shop outside of the community due to a dearth of high quality goods and services—an estimated $1 billion in retail sales is lost.*

 Ø      Last, many businesses are isolated and only sell to the local community.  Little is exported.  Growth prospects for profits, payrolls and W-2s are dim.*