Small businesses play a vital role in fueling the economy, making critical contributions that help to keep our country alive. They’re crucial for job creation, responsible for two out of every three net new jobs in the country and pay for more than 44 percent of the U.S. private payroll.
But in recent years, small businesses have taken a tremendous hit. While small companies are drivers of the U.S. economy, contributing a significant amount through payroll and taxes and providing the lion’s share of job opportunities, they were among the ones to be impacted the most by the recession. They have also been the slowest to recover. The credit crisis hit small companies especially hard and because of this, banks are still reluctant to approve financing for small businesses. It’s difficult for startup founders to get the funding needed to launch.
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