According to a new report released by the Office of Advocacy of the U.S. Small Business Administration, small businesses accounted for 99.7% of all the U.S.’s employer businesses, and employed 57.4 million Americans in 2005.
Thomas Sullivan, chief counsel for the Office of Advocacy acknowledged the vital role small businesses play in the economy. In a related news release, he was quoted as saying, “Small businesses innovate and create new jobs at a faster rate than their larger competitors. They are nimble, creative, and a vital part of every community across the country.”
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