Small Business Development Pays Off

Small Business Development Pays Off

Small Business Development Pays Off

WYOMING — The Wyoming Small Business Development Center recently reported that their clients injected more than $13 million in financial capital into Wyoming’s economy in 2015.

According to Jill Kline, the SBDC director at the University of Wyoming, the capital was through Small Business Administration (SBA) loans, conventional loans, personal investment and alternative financing that resulted after consultation with SBDC counselors. Since 1995, clients have introduced more than $213 million into Wyoming’s economy, she says.

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The 2015 annual report shows that the SBDC assisted 2,152 clients in 2015. The clients were helped with issues ranging from establishing accounting systems to government contracting to business valuation and transition. SBDC clients created or retained 1,541 jobs last year. Since 1995, SBDC clients have reported the creation or retention of more than 11,466 jobs.

The website Entrepreneur.com defines a small business as one having less than 100 employees and does not include home businesses in its definition of small businesses.

Small businesses:
  • Represent more than 99.7% of all employers
  • Employ half of all private-sector workers and 39% of workers in high-tech jobs
  • Provide 60% to 80% of the net new jobs annually
  • Pay 44.3% of total U.S. private payroll
  • Produce more than 50% of nonfarm private gross domestic product, or a GDP of roughly $6 trillion
  • Are 3% franchises

 

For more information about SBDC services and to locate the nearest regional offices, visit the website.