Bringing you the top state on our list of five best states whose small businesses have made substantial contributions to the economy of America – Vermont. The state of Vermont has a long list of distinctions – from being the largest producer of maple syrup and marble, to the first state to ban slavery. The first Ben and Jerry’s ice cream store to open for business was in Burlington and the first social security check ever issued to a citizen was Vermont’s citizen Ida May Fuller. Vermont is the home state of U.S. President Clavin Coolidge, the only president born on Independence Day. Famous for its natural beauty, art, and history, Vermont is a great destination for family vacations or outdoor sports. It also has many small businesses producing dairy products, coffee, sugar, ceramics, pottery, and woodworks, to name a few.
According to statistics gathered by the Office of Advocacy at the U.S. Small Business Administration, an amazing 76,900 or 96% of the total companies in Vermont are small businesses. These enterprises employ 155,444 workers or more than half the workforce at 59.4% employees. To develop and grow these businesses, lending institutions in the state facilitated loans worth $147.7 million in the year 2014, as assessed by the FFIEC.
While these loans have no doubt led to the growth of the finance industry, the entrepreneurs using them have contributed to the development of other economic spheres such as construction, retail marketing, professional, scientific and technical services, educational services, restaurant, accommodation, food catering services and public administration.
With this blog, we come to the end of National Small Business Week. We are proud to be a part of the finance industry and contribute to the development of the small business sector. And through it, the growth of the economy of America.