Abstract
Small businesses play an important part in the US economy. The private non-farm sector share of the GDP (Gross Domestic Product) is about 50%. The Office of Advocacy defines a small business for research purposes as an independent business having fewer than 500 employees. Small employer businesses pay 44.5% of the total US private payroll. Small businesses create two-thirds to three-quarters of net new jobs. However, the small firm's share of employment is about 50%. Since its founding on July 30, 1953, the US Small Business Administration has delivered about 20 million loans, loan guarantees, contracts, counselling sessions and other forms of assistance to small businesses.
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