Today the Bureau of Labor Statistics reported that our economy added 321,000 jobs in November. That’s a 57 consecutive months that jobs have been added – the longest employment growth streak since America started keeping track.
November also marks 10 straight months of exceptional growth (200,000 jobs) — a first since the tech boom of the mid-’90s.
The U.S. Small Business Administration exists to help small businesses weather economic storms. Their job is to get capital to entrepreneurs when private banks are not. It’s this capital that allows businesses to hire and grow.
SBA loans have been on the rise since the recession, and they hit a new plateau this past fiscal year. The SBA loaned $19.2 billion under their flagship 7a program and reached an all-time high. They also invested $5.4 billion in investment capital – another agency record – in America’s high-growth firms through the Small Business Investment Company (SBIC) program.
Small businesses have led America’s comeback from the downturn. For 15 straight quarters, small firms have contributed to employment growth – accounting for as much as 80 percent of job gains in any given quarter.
Business bankruptcies, which peaked toward the end of the recession, have been cut in half since then. And proprietor income has grown by more than 40 percent from the low point during the downturn.
With consumer confidence on the rise and businesses investing again, there’s never been a better time for small business owners to contact their local SBA office to grow or scale their business. Go to sba.gov and to learn how they can help your businesses become part of this great economic comeback story.
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