To commemorate National Small Business Week (NSBW), we are continuing with our series of blogs to recognize the contribution of small business entrepreneurs and businesses in five main states. Today, we’re going to talk about the state of Washington. When you think Washington and instantly software companies, flying salmon, the airplane industry, Oktoberfest, the Kite Festival, and kayaking with orcas around the San Juan Islands come to mind.
With tourism being only one of the sectors of its vibrant economy, Washington teams with small businesses that number 555,285 and make up an incredible 98% of all companies in the state. These entrepreneurs absorb more than half or 51.7% of the workforce employing 1.3 million workers as reported by the Office of Advocacy at the U.S. Small Business Administration. According to findings by the ITA, in 2013, 11,365 or 89.9% of the total companies exporting goods from Washington were small businesses alone and they were able to generate 24.2% or close to a quarter of the total exports.
To raise the finances needed for their businesses, small business entrepreneurs took out 118,364 loans with approval ratios of 61% and an average loan size of $23,102 totaling an astounding $1.5 billion according to the FFIEC. In addition to their contribution to the finance industry, small businesses have made their mark in the top industries of Washington including construction, professional, scientific, technical services, healthcare and social assistance, retail trade and stores, and restaurants and food services, to name a few.
Watch the blog for the next state we will highlight tomorrow, yet another significant contributor to the country’s economy.