The Small Business Administration’s Office of Advocacy has issued a report that shows how favorable conditions for start-up businesses in 2003 led to the creation of new jobs this year.
Called the “Small Business Economic Indicators for 2003,” the report pulls together economic statistics, financial information, employment trends and other information to determine the health of small businesses.
Last year, an estimated 572,900 businesses with employees were started, while 554,800 such companies perished. This resulted in a net increase of employer firms of 18,100, or 0.3 percent.
Self-employment increased by 369,000, or 3.7 percent, in 2003.
The combination of low interest rates and relaxed lending standards among banks resulted in “an uptick in job creation and employment,” according to a release about the report.
To see the report, visit www.sba.gov/advo.