Tuesday, January 30, 2007

Small Business Is Big Business (but you knew that already)

The number of small business loans outstanding under $100,000 increased 25 percent between June 2004 and June 2005, according to a report released by the Office of Advocacy of the U.S. Small Business Administration. The increase came mostly from credit card use by small business. The report also noted that the number of small business loans outstanding between $100,000 and $1 million increased 5 percent during the same period.

The report, "Small Business and Micro Business Lending in the United States, for Data Years 2004-2005," uses both Consolidated Reports of Condition and Income (Call Reports) from June 2005 and Community Reinvestment Act (CRA) reports for 2004 to review small business lending activities by financial institutions. This year's edition expands to include savings banks, savings and loan institutions, and American Territories.

The report also ranks lenders in each state by their small business lending activities, as well as ranking large national financial institutions. The report includes data on a complete ranking of lenders.
A copy of the report is located here and the research summary can be found here.

The Economic Role of Small Businesses Using Large Data Sets: An Analysis of the Contributions of Small Firms to Urban Growth

"The Economic Role of Small Businesses Using Large Data Sets: An Analysis of the Contributions of Small Firms to Urban Growth," written by University of Houston researchers Steven Craig and Janet Kohlhase, with funding from the Office of Advocacy, examines the evolution of the urban economy into employment subcenters around the city.

Among its findings, the report documents that the newer subcenters have been economically diverse, as most broad industrial classifications were well-represented in each subcenter. Moreover, the authors interpret their evidence to suggest that small firms are a crucial element in urban economic development as their success is likely to lead to economic growth for the entire local economy.

To obtain a full copy of this report, visit here. For the research summary, visit here.

Should you need further information, please feel free to contact Chad Moutray at (202) 205-6973 or advocacy@sba.gov
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Small Business Report: Statistics for Tax Year 2002

Small businesses are defined as those businesses that employ fewer than 100 employees in New York. Small businesses in New York may be sole proprietorships, partnerships, limited liability companies and partnerships, general business corporations, subchapter S business corporations, or transportation, transmission, and utility companies. Data presented in this report includes employment and business receipts by entity type and employment class.

This edition of the Small Business Report provides data for New York State small businesses in tax year 2002.
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New York State Taxation and Finance Department has announced that businesspeople who file periodic sales tax returns, yet have no taxable sales to report, may now file online using a new electronic tax service.

Their "No Sales Tax Due" online return they have called "an innovative service that allows taxpayers to file returns with the confidence that their personal and business information is secure. Since the service is offered electronically, taxpayers can use it at their convenience, any time of day. In addition, coding for the system helps ensure that filing errors, once common on paper returns, do not occur."

To view the entire document and rates please visit here.

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