Why Small is GREAT Entrepreneurial ventures provide hundreds of thousands of jobs in Georgia for both business owners and employees. Small businesses not only supply principal incomes for families, but also meet unique needs for part-time employment, temporary employment, supplementary income or that first job opportunity. The innovation and creativity that entrepreneurs deliver to the marketplace appear in all types of businesses, and whether high tech or personal services, these engines of economic growth are found in every big city and small town across our state. The University of Georgia Small Business Development Center (UGA SBDC) assists thousands of entrepreneurs every year across our state. The UGA SBDC is a Public Service and Outreach unit of the University of Georgia and is funded through a cooperative agreement with the U.S. Small Business Administration and partnering institutions (Georgia State University, Kennesaw State University, Clayton State University, Valdosta State University, Georgia Southern University, University of West Georgia and Morehouse College). The UGA SBDC provides management training and one-onone assistance to small business owners and prospective entrepreneurs. Over the past five years, individuals who have sought assistance from the UGA SBDC have created more than 1,800 new businesses, added more than 13,000
4 | SMALL BUSINESS AND ITS IMPACT ON GEORGIA
jobs, raised more than $1.029 billion in loan and equity financing, and generated over $8.8 billion in sales. According to the latest impact study, firms that have sought UGA SBDC assistance experienced job growth of 2.5 percent versus the typical Georgia firm which decreased employment by 4.6 percent.
Small firms and their distinctive offerings provide custom products and services that are otherwise unavailable, are a convenience for residents and visitors to our state, and help create the community character and local charm that defines our hometowns. We believe in the strength of small business and have produced this report to describe some of the impacts small businesses have in Georgia. This publication provides an overall perspective of Georgia’s small business environment and shines the spotlight on several noteworthy industries. Most importantly, this publication helps illuminate the contributions made by Georgia’s entrepreneurs on the economic well-being of all Georgia citizens.
