If you said Wall Street, major multi-national corporations, or government policies you would only be partly correct. A large, and growing, factor in our national economy is small business.
Did you know that according to the U.S. Small Business Administration small businesses:
- Totaled approximately 22.9 million in 2002.
- Provide approximately 75 percent of the net new jobs added to the economy.
- Employ 50.1% of all employees.
- Provide 40.9% of private sales in the country.
- Account for 39.1% of jobs in high technology sectors in 2001.
- Account for 52% of private sector output in 1999.
- Represent 97% of all U.S. exporters.
Locally the picture is much the same. The Hudson Valley is home to many small and medium-sized businesses. According to Mid-Hudson Pattern for Progress, of the thousands of firms with operations in this region, nearly 88% employ fewer than 51 workers. And in Ulster County, Dun & Bradstreet identifies over 7,000 firms with 98% employing fewer than 100 workers.
Small business is the heart of our region and we must provide the assistance necessary to nurture them and help them grow. They need a supportive business environment, technical and financial assistance, property and facilities, and trained and accessible workforce.
In Ulster County we work to provide the tools that small business needs through a collaborative effort of committed and experienced local and regional organizations. These include the Ulster County Development Corporation, Ulster County Industrial Development Agency, Ulster County Office of Employment and Training and Workforce Development Board, Mid-Hudson Small Business Development Center, and the Kingston-Ulster Empire Zone. Together they are the partners that small business needs to grow and prosper.
This issue of DevelopingULSTER highlights several of the programs available to small business, including locally administered Revolving Loan Funds, the Empire Zone, technical assistance through the Small Business Development Center, and the annual Ulster Business-to-Business Showcase.
