Small Business
Making up 99.7% of all companies in the U.S., small businesses are the backbone of any healthy economy. It provides employment, supply, and demand in nearly every sector. They are also frequently known for their adaptability and flexibility, their customer service focus, and their creativity and innovation. The Small Business Administration generally considers a company with fewer than 500 employees to be a small business.
Besides the number of employees, the SBA has other factors that help determine if a company is a small business:
- Is the company headquartered in the U.S.?
- Does it operate primarily in the U.S.?
- Is it a for-profit venture?
- Is it independently owned and operated (versus being owned by a parent corporation)?
- Is it a minority player in its industry (versus holding a major market share)?