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. Developed by Advocacy’s Bureau of Economic Research, the profile contains snapshots of Vermont’s small businesses such as manufacturing, lending and outsourcing.
Deputy Chief Advisor Major L. “Advocacy’s Small Business Profiles highlight the importance of small businesses to each state,” said Clark, III. “Helping each of the 33.2 million small businesses in the United States grow their local economy and create jobs makes it even more important to support 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’s small businesses employ 157,131 workers, accounting for 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. These three industries employ a total of 29,895 workers.
The Community Reinvestment Act requires big banks to report new small business loans. In the year In 2020, reporting banks made $169.8 million in loans to Vermont businesses with revenues of $1 million or less. New loans to businesses with loans of $100,000 or less were $266.9 million, and new loans to businesses with loans of $1 million or less were $834.4 million.
Regarding exports, 86.4 percent of firms that exported goods in 2020 were small businesses. Vermont in 2011 In 2020, Vermont exported $2.2 billion worth of goods. Exports by small firms were $475.0 million, accounting for 21.1 percent of exports.
The profile uses the latest releases from the main federal small business data. However, due to the delay in the release of those data, some of the data sets analyzed predated the Covid-19 outbreak. Information about the impact of the pandemic on small businesses is available on the Advocacy and Pandemic website.
To view the 2022 Small Business Profiles for Vermont, visit the Advocacy Vermont Profile webpage.
To view the 2022 Small Business Profiles for States, visit the Advocacy State Profile website.
