Advocacy Small Business Economy ReportMarch 27, 2012
Late last week, the U.S. Small Business Administration (SBA) Office of Advocacy released their annual “Small Business Economy 2011” report which provides various data about America’s small-business community. Included in the report is data about small-business lending, number of firms, firm creations, sales and so on, and the report includes trending data from the past 25 years.
According to the report, “small businesses outperformed large firms in net job creation nearly three out of four times from 1992 through 2010.” Unfortunately, the data shows the number of employers has continued to decrease from 2007 with 5.6 million in 2010 down from 5.7 million in 2009. A more positive note: the number of nonemployer firms has increased since 2008 with 21.722 million in 2010, up from 21.691 million in 2009. Additionally, in the last three quarters of 2010, the smallest firms showed net job growth for the first time since 2007.
When it comes to financing, Advocacy’s data shows a continuing decline since 2008 in terms of the number and dollar value of small-business loans (those under $1 million.) In June 2011, total lending in small-business loans was $606.9 billion, down markedly from the 2010 total of $652.2 billion. The number of small business loans also was down from 2010’s 22.39 million small-business loans to 2011’s 21.33 million loans.
The new format of the report offers detailed data in spreadsheet form to provide easily accessible information. Please click here for the data summary and to download the data.