Small business employs more than 60 percent of Vermont’s workers

first_imgWyoming66.2% WASHINGTON, D.C. Vermont’s economic recovery will depend on small business. That message is driven home in the newly updated Vermont Small Business Profile released today by the Office of Advocacy of the U.S. Small Business Administration. The most recent data show that the state has 18,937 small employers, and they employ 63.5% of the state s workforce, the third highest percentage in the country. Vermont depends on small business for jobs and economic growth, said Shawne McGibbon, Acting Chief Counsel for Advocacy. During this time of financial stress and economic instability, policymakers need to remember that the state s small businesses provide the economic base for its families and communities.To further highlight the importance of small business, the updated profile notes that small businesses created 51.7% of the state’s net new jobs from 2004 to 2005 (latest available data).Not only does the state s economy depend on the health of its small businesses, so too does the economy of the United States.The US has slightly more than 6 million small employers, or 99.7% of all employer firms, and they provide 50.4% of its private sector employment. These firms created 78.9% of the nation s net new jobs from 2004 to 2005, and they generated more than half of the private non-farm gross domestic product.The Office of Advocacy, the small business watchdog of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats, and it funds research into small business issues.For more information and a complete copy of state and territory small business profiles, visit the Office of Advocacy website at www.sba.gov/advo(link is external).The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. The presidentially appointed Chief Counsel for Advocacy advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policymakers. For more information, visit www.sba.gov/advo(link is external), or call (202) 205-6533.State% Workforce Employed by Small BusinessesState% Workforce Employed by Small BusinessesAlabama49.7%Missouri49.7%Alaska55.6%Montana69.8% Arizona48.8%Nebraska51.4%Arkansas48.8%Nevada44.2% California52.1%New Hampshire54.9% Colorado51.7%New Jersey  51.1% Connecticut49.6%New Mexico57.0% Delaware48.3%New York51.7%  District of Columbia48.2%North Carolina48.6%  Florida44.0%North Dakota63.3% Georgia46.3%Ohio48.6%Hawaii56.1%Oklahoma54.0% Idaho58.6%Oregon57.2%Illinois49.2%Pennsylvania 49.9%Indiana48.6%Rhode Island57.1%Iowa   51.6%South Carolina50.0% Kansas 54.6%South Dakota 63.2% Kentucky50.0%Tennessee45.1%Louisiana54.1%Texas46.8%Maine60.6%Utah49.9% Maryland53.4%Vermont63.5%Massachusetts48.3%Virginia49.4% Michigan51.6%Washington 55.7% Minnesota51.0%  West Virginia 54.3% Mississippi50.1%Wisconsin    53.4%last_img read more

Why Building Up Smart Startup Debt Pays Off

first_imgYou may be predisposed to avoid being in the red, but smart startup debt can lead to more money down the line.Most CEOs are allergic to debt. It’s the last thing they want on their books. But Zack Mansfield says it shouldn’t be. In fact, he strongly believes that CEOs should embrace debt if they want to increase the amount of capital they can raise down the line. It just has to be the right kind of debt and must be leveraged correctly. Hear his case for smart startup debt in this post at Square 1 Financial.Debt doesn’t have to be a dirty word anymore, Mansfield explains. Depending on the situation and your recurring revenue, carrying the right amount of debt can increase your valuation by $30 million by the next time you want to raise equity.Photo by: Simon CunninghamAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more