Small Firms Drive Inner City Growth
Small businesses are the drivers of inner city economies and job growth, according to a new study released today by the Office of Advocacy of the U.S. Small Business Administration (SBA). The report documents the dynamics of America’s inner city economies, which are larger and more active than is generally understood. State of the Inner City Economies: Small Businesses in the Inner City reports that small businesses are the greatest source of net new employment in inner cities. They comprise more than 99% of inner city business establishments and they generate 80% of the total employment in those areas. In all, America’s inner city small businesses employ about 9 million people, or 8% of the U.S. private workforce.
For more information and a complete copy of the report, visit the Office of Advocacy website at www.sba.gov/advo.