2022 Vermont Small Business Profiles available – Vermont Biz

by | Sep 2, 2022 | Business

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 …

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