While more than 27 million small businesses have been affected by the recession, they continue to bring work to Americans and are pumping money into the economy. (See infographic from Credit Donkey below).
“Small Business is really the backbone of the U.S. economy,” said Charles Tran, founder of CreditDonkey. “It’s these individuals, those who are investing their own money and the majority of their time, that are keeping money flowing and providing Americans with the products and services they need during these tough times.”
Here are just some of the ways that these businesses are helping to strengthen the American work force:
- Small Business is creating 60 to 80 percent of all new jobs in America
- Three-quarters (75.4 percent) have full-time paid employees
- More than half (58 percent) have part-time paid employees
- One-third (36.1 percent) have used contractors, subcontractors, independent contractors or outside consultant paid employees
- As illustrated through the infographic, Small Business has also proven to be a fruitful customer for the financial industry:
- Credit Card: 80 percent of Small Business use credit cards to provide working capital, and 10.4 percent were started or acquired through use of credit card
- Bank/Financial Institution: 10.7 percent of start-ups financed their business with a business loan from a bank or other financial institution
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