Vermont Business Magazine The Office of Advocacy, an independent office within the US Small Business Administration, has released the 2022 Small Business Profiles for Vermont. Built by Advocacy’s Office of Economic Research, the profile contains snapshots about Vermont small businesses, such as industries, lending and exporting.
“Advocacy’s Small Business Profiles show the importance of small businesses to each state,” said Deputy Chief Counsel Major L. Clark, III. “Each of the 33.2 million small businesses in the U.S. help grow their local economies and create jobs, making it all the more necessary to provide support to the challenges they face as we continue to recover from the COVID-19 pandemic.”
Vermont has 78,883 small businesses, most of which are sole proprietors. Vermont small businesses employ 157,131 workers, which is 60.2% of the state’s workforce.
The top three industries for small business in Vermont are professional, scientific, and technical services; construction; and retail. Collectively, these three industries employ 29,895 workers.
The Community Reinvestment Act requires large banks to report new small business loans. In 2020, reporting banks issued $169.8 million in loans to Vermont businesses with revenues of $1 million or less. New lending to businesses obtaining a loan of $100,000 or less was $266.9 million and new lending to businesses of a loan of $1 million or less was $834.4 million.
As for exporting, 86.4 percent of firms that exported goods in 2020 were small businesses. Vermont exported goods worth $2.2 billion from Vermont in 2020. Exports by small firms reached $475.0 million, making up 21.1 percent of exports.
The profile uses the latest releases from the primary federal sources of small business data. However, because of lags in the release of those data, some datasets analyzed predate the COVID-19 pandemic. Information about the impacts of the pandemic on small businesses is available at the Office of Advocacy pandemic webpage.
To view the 2022 Small Business Profiles for Vermont, visit the Office of Advocacy Vermont Profile webpage.
To view the 2022 Small Business Profiles for the States, visit the Office of Advocacy State Profile webpage.
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