NEWSRELEASE
For Release: June 16, 2003
Contact: John McDowell (202) 205-6941
SBA Number: 03-36 ADVO
john.mcdowell@sba.gov
Small Business Poised For Growth
Small Business Economic Indicators, 2002 Details Increased Output, Proprietor’s Income
WASHINGTON, D.C. - The economic conditions of 2002 have left small businesses poised for growth, according to a new report released today by the Office of Advocacy of the SBA. By the fourth quarter of 2002, economic output had increased for five consecutive quarters and inflation remained at historic lows.
According to the report, Small Business Economic Indicators for 2002, these figures indicate that the economy is ready to pick up steam. It notes that small businesses are well placed to take advantage of an economic upturn. Business bankruptcies continued their downward trend, nonfarm proprietors’ income increased by 4.9 percent, and corporate profits increased by over 7 percent, giving owners the financial ability to expand their firms.
“Small businesses are ready to lead America’s economic recovery,” said Thomas M. Sullivan, Chief Counsel for Advocacy. “Small businesses have traditionally led the country out of recessionary times through job creation, and I expect that will be the case now. I’m confident of this since President Bush signed his jobs and growth plan, which is focused on small business,” he said.
Sullivan issued the report during the 48th World Conference of the International Council for Small Business, held in Belfast, Northern Ireland. A featured speaker during an opening plenary session, the Chief Counsel discussed the latest economic indicators report and how removing regulatory barriers from small business leads to job growth. Joining Sullivan on the panel was United Kingdom’s Parliamentary Under-Secretary of State for Small Business Nigel Griffiths MP.
Over 1,000 delegates from 76 countries are attending the globally recognized conference. Attendees include policy makers, academic educators, researchers, practitioners, and entrepreneurs. In addition to four plenary sessions, there will be 350 technical papers presented in over 100 workshops.
The Office of Advocacy examines the role and status of small business in the economy and independently represents the views of small business to Congress and the President. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues. For more information and a complete copy of the report and data tables, visit the Office of Advocacy website at
www.sba.gov/advo.###
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel’s efforts. For more information on the Office of Advocacy, visit
www.sba.gov/advo or call (202) 205-6533.