Small Business Week

In recognition of National Small Business Week this week, Congressman Owens is highlighting the economic importance of small businesses and entrepreneurs. This year marks the 51st annual National Small Business Week honoring the vital role of small businesses and the passion of U.S. entrepreneurs.

“Small businesses are critical for U.S. economic growth and job creation, especially for middle class families that count on them for employment and a steady salary,” said Rep. Owens. “These businesses also drive innovation and export growth, ensuring long-term U.S. global competitiveness. Supporting local businesses means supporting local jobs, local innovation and economic growth in our communities. I encourage everyone to join me in recognizing small businesses throughout our region this week.”

During his time in Congress, Rep. Owens has visited more than 200 businesses to discuss the issues facing New York entrepreneurs. He has encouraged local small business owners facing burdensome regulations to reach out through a dedicated page on his Congressional website: http://owens.house.gov/contact/smallbizregs.htm. Owens has also hosted events to support small businesses including a recent event featuring export services available through the U.S. Export-Import Bank, which authorized $5.2 billion in export financing for small businesses last year.

Small businesses are at the heart of the New York State and U.S. economies. Here are just a few of the reasons why:

-          Small businesses have generated 64 percent of net new jobs over the past 15 years and employ 48.5 percent of the country’s private sector workforce. More than 99 percent of New York employer firms are small businesses. They also generate 44 percent of U.S. nonfarm GDP.

-          9.1 million veterans are small business owners. Women own more than 7.8 million small businesses and represent a growing share of total business owners.

-          New York State has more than 2 million small businesses (7.2 percent of the national total) spread across every region, community and neighborhood in the state.

-          Small businesses produce 16 times more patents per employee than large patenting firms. In 2012, New York ranked third in the number of patents awarded in the U.S.

-          Small businesses represent 98 percent of all exporters and produce 1/3 of all exported goods. In 2012, New York State ranked third in the U.S. in the value of exports by small businesses: more than $79 billion or 5.1 percent of all US exports. 16.6 percent of New York State exports go to Canada.

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