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Small businesses big in Georgia

POSTED: October 29, 2009 5:56 p.m.

WASHINGTON, D.C. — Small businesses will play an important role in the economic future of Georgia.

The Office of Advocacy’s Small Business Profile for the state, released Thursday, provides details about small business employment, business starts and closings, bank lending in 2008, business ownership by minorities, women, and veterans, and firm and employment change by major industry and firm size.

“Georgia continues to depend on the health and ingenuity of its small business sector for the state’s economic growth,” said Susan Walthall, acting chief counsel for Advocacy. “In today’s economic climate, it is especially important for policymakers to keep small business concerns in mind as they formulate policy.”  

Small businesses have proven to be important employment generators. They created 72 percent of the state’s net new jobs between 2005 and 2006.

They accounted for 46.3 percent of Georgia’s total private sector employment in 2006 (using the latest available data).

Small employers in the U.S. numbered 6 million in 2006, and represented 99.7 percent of the nation’s employers and 50.2 percent of its private sector employment.

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