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New York small business profile
New York Small Business Profile - In New York, small businesses are vital to the financial wellbeingof the state’s economy. Their contribution is essential for economic growth since they make up almost all employer firms in the state. As entrepreneurs and innovators, small-business owners represented a diverse group in 2004 and continued to keep the state’s economy productive. The SmallBusiness Profile provides information on the performance of small businesses in the state using the most current federal data available. This Small Business Profile was prepared by the U.S. Small Business Administration and provides information on the performance of small businesses in the state using the most current federal data available.
Number of Businesses
There were an estimated 1,779,932 small businesses in New York in 2004. Of the 481,858 firms with employees, an estimated 99 percent, or 477,260, were small firms. In 2004, the estimated number of employer businesses increased by 0.8 percent. The number of self-employed persons (including incorporated) decreased overall by 0.3 percent, from 933,059 in 2003 to 930,238 in 2004.Non-employer businesses numbered 1,302,672 in 2002, an increase of 3.5 percent since 2001, based on the most recent data available.
(Sources: U.S. Dept. of Labor, Employment and Training Administration; U.S. Dept. of Commerce, Census Bureau; U.S. Dept of Labor, Bureau of Labor Statistics.)
Women-Owned Businesses
In 2002 women-owned firmstotaled 505,183, an increase of 28 percent from 1997, and generated $71.6 billion in revenues. Firms owned jointly bywomen and men numbered 129,465 with revenues of $39.3 billion. Women represented 31.5 percent of the self-employed persons in the state.
(Sources: U.S. Dept. of Labor, Bureau of Labor Statistics; U.S. Dept. of Commerce, Census Bureau.)
Minority-Owned Businesses
In 2002, Hispanic-ownedfirms numbered 163,659, an increase of 57 percent from 1997. Black-owned firms numbered 129,339, an increase of 50 percent; Asian-owned firms numbered 145,626, an increase of 19 percent; American Indian and Alaska Native owned firms numbered 12,307, an increase of 91 percent; and there were 4,868 Native Hawaiian and other Pacific Islander owned businesses.
(Source: U.S. Dept. of Commerce, Census Bureau.)
Business Turnover
There were an estimated 62,854 newemployer businesses in 2004, 3.8 percent more than the previous year. Business terminations numbered 64,013 in 2004, an increase of 4.6 percent. Business bankruptcies increased by 104.8 percent and totaled 4,070 in 2004.
(Sources: U.S. Dept. of Labor, Employment and Training Administration; Administrative Office of the U.S. Courts; U.S. Dept. of Commerce, Census Bureau.)
Employment
Small firms with fewer than 500 employeesnumbered 424,337 in 2002 and employed 3,756,372 individuals, or 51.9 percent of the state’s non-farm private sector.3 Net job gains among firms with fewer than 20 employees totaled 69,573, while large firms with 500 or more employees lost 154,582 jobs between 2001 and 2002.
(Source: U.S. Dept. of Commerce, Census Bureau, Statistics of U.S. Businesses.)
Small Business Income
Non-farm proprietors’ income, apartial measure of small business income, increased by 5.3 percent, from $70.9 billion in 2002 to $74.7 billion in 2003.
(Source: U.S. Dept. of Commerce.)
Finance
Commercial bank lenders are an important source of small business loans, and small firms usually rely on them for financing. Over the last 10 years the number of banks in New York has declined. The Office of Advocacy has identified banks in each state that make the most loans to small businesses. This information is available in its banking studies at www.sba.gov/advo/research/lending.html.
