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Facts for Small Businesses in 2024

Small businesses are incredibly important—not only for the economy but also for innovation. As per the U.S Small Business Administration Office of Advocacy, small businesses are the backbone of job creation, contributing to 1.5 million jobs annually, which accounts for 64% of all new jobs in the United States. These small businesses, including one in three family-owned, 17.7% owned by minorities, and 41% owned by women, play a crucial role in maintaining a balanced and diverse economy.

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