SBA steps up efforts to help minority and women-owned businesses get help against COVID
It is obvious that small businesses are the lifeblood of the US economy. According to the Small Business Administration (SBA), the United States has 30.7 million small businesses, employing nearly 50% of the private workforce in 2019. In addition, small businesses create 1.5 million d jobs per year and account for 64% of new jobs in the United States.
The SBA defines a small business as an entity that is independently owned and operated, has little influence in its industry, and (with few exceptions) has fewer than 500 employees. Small businesses in the United States generate about 50% of our GDP. In particular, women-owned businesses represent an important part of our economy. There are nearly 13 million women-owned businesses in the United States, employing approximately 9 million people and generating $ 1.9 trillion in revenue. Total employment in women-owned businesses increased by 8% between 2019 and 2020, while the total for all businesses was only 2%. Likewise, over the past 10 years, minority-owned businesses accounted for over 50% of the 2 million new businesses created in the United States and created 4.7 million jobs. There are now over 4 million minority-owned businesses in the United States, with annual sales of nearly $ 700 billion.