The publication Hartford Business Journal makes a telling comment in a recent article spotlighting the commercial sector in Connecticut and nationally. It centrally notes that industry moves by uber-sized businesses like Amazon, Apple and Walmart garner most of the business ink, but that it is really the country’s small companies that primarily drive economic growth.
Take Connecticut, for instance. Reportedly, the U.S. Small Business Administration considers a near-stunning 99.4% of all companies operating in the state to be “small” enterprises. That underscores that, while the gigantic rumblings of an entity like Amazon are certainly important, so too are the moves made by mom-and-pop operations, family businesses, closely held entities and myriad startups.
How are small businesses doing across Connecticut?
Just fine, thank you. The above-cited HBJ article points to data showing that Connecticut’s small businesses collectively number more than 735,000. That figure comprised about half of all private-sector entities operating across the state last year.
Moreover, smaller businesses have demonstrably gained traction. The SBA reports that more than 7,300 of them were spawned in Connecticut last year, and that the number is “steadily climbing.”
The state’s business climate: two steps forward, one step back?
Many business pundits note that, while Connecticut’s small businesses face some real challenges, intermediate and long-term optimism seems warranted. Pro-business platforms and programs have sprung up to better advise company principals on matters relevant to things like taxation, labor laws, funding sources and other concerns. One such program helped small business owners secure attractive financing to the tune of nearly $50 million last year.
The HBJ piece takes what is overall a broad perspective concerning a state-of-the-state economic picture. The publication notes that Connecticut’s small business realm is still “working its way back from the depths of the Great Recession a decade ago.”