In 2021, about **** million small business firms with employees were counted in the United States. That same year, there were around ** million non-employer small businesses.

U.S. Small Business Loan Market size was valued at USD 30,833.44 Million in 2023 and is projected to reach USD 56,135.67 Million by 2031, growing at a CAGR of 8.94% during the forecast period 2024-2031.The U.S. Small Business Loan Executive SummaryA small business loan is a form of financing offered to small businesses by banks, credit unions, or alternative lenders for a variety of uses, including beginning a new business, growing an existing one, buying inventory or equipment, paying for operating costs, or fulfilling other financial requirements. These loans often have terms and circumstances that are different from those of loans provided to larger firms, and they are designed specifically to meet the needs of small enterprises. There are several methods to organize small business loans: SBA (Small Business Administration) loans, invoice financing, term loans, credit lines, equipment financing, and more. The borrower's creditworthiness, the lender's policies, and the loan's intended use are some of the variables that affect the conditions of the loan, including interest rates, payback schedules, and collateral requirements. These loans are essential in helping small business owners and entrepreneurs launch, grow, and maintain their enterprises, which promotes economic growth and employment generation. But getting a small company loan frequently calls for thorough preparation, supporting documentation, and a strong business plan that demonstrates the borrower's capacity to pay back the loan.The growing need for U.S. Small Business Loan Market is driven by several factors, including the increasing number of start-ups and small businesses, availability of a variety of loan options tailored to meet the unique needs of small businesses, technological advancements in financial services, and changing consumer behavior. The United States has a supportive ecosystem for small businesses, with resources such as business incubators, accelerators, mentorship programs, and networking opportunities. These resources provide guidance, funding, and support services to aspiring entrepreneurs, helping them navigate the complexities of starting and growing a business. Thus, the number of small businesses is continuously growing in the United States. However, high interest rates act as a significant constraint on the growth of U.S. Small Business Loan Market. Businesses can be discouraged from taking out loans, leading to reduced borrowing activity and slower market growth.

This statistic shows the percentage of change in the number of small businesses operating in the United States from 2002 to 2012, broken down by the owner's gender. Between 2007 and 2012, the number of women-owned small businesses increased by **** percent.

These small business statistics will tell you everything you need to know about the growth of business and where it’s going in the future.

In the second quarter of 2024, 61 percent of surveyed small business owners indicated that the health of their business was in good shape. A further 24 percent of respondents said the health of their business was about average. At the end of 2019, small businesses in "very good" health peaked at 43 percent. By the end of 2020, this number fell to 25 percent in the wake of the COVID-19 pandemic.

The Office of Advocacy’s Small Business Profiles are an annual portrait of each state’s small business. They gather the latest federal data into state-by-state snapshots of small business health and economic activity. Limited economic data is also provided for the U.S. territories. This year’s profiles report on state economic growth and employment, income and finance, employer business owner demographics, turnover among establishments with employees, international trade, small business employment by industry and county, and self-employment by county, and small businesses by industry.

The following small business statistics broken down by industry to help you understand the small business landscape better.

Small Business Market Outlook 2032

The global small business market size was USD 2,572 Billion in 2023 and is projected to reach USD 4,985 Billion by 2032, expanding at a CAGR of 8.50% during 2024–2032. The market growth is attributed to the proliferation of small businesses.



Growing number of small businesses are becoming the backbone of global economies, driving innovation and creating employment opportunities. They are not confined to traditional brick-and-mortar establishments and are embracing digital platforms to reach a wider audience. A novel application of small businesses is the rise of micro-consulting, where individuals with specialized knowledge offer their expertise on a project-by-project basis, thereby reducing overhead costs and providing flexible, tailored solutions for clients.



Growing regulatory changes are impacting the small business landscape. The most recent being the General Data Protection Regulation (GDPR) implemented by the European Union, which applies to all businesses, regardless of size, that handle personal data of EU citizens.



This regulation has significant implications for small businesses, as it necessitates stringent data protection measures. Non-compliance results in hefty fines, thus, it is likely to increase the demand for data security services and impact how small businesses manage customer data.

Impact of Artificial Intelligence (AI) in Small Business Market

Artificial Intelligence (AI) has a considerable impact on the small business market. These enterprises automate routine tasks by integrating AI into their operations, thereby increasing efficiency and reducing operational costs. AI's predictive analytics capabilities enable these businesses to anticipate market trends and customer behavior, facilitating strategic decision-making.



AI-powered customer service tools, such as </span

In August 2024, a net ** percent of surveyed small business owners in the United States had plans to increase employment in the coming three months. Additionally, around ** percent of said that they had current job openings.

About 1.5 million jobs are created in the US every year by small businesses alone. This means that 64% of all job creation comes from small businesses.

According to a new study, women started 49% of new businesses in the United States in 2021. This is way up from 28% in 2019.

27% of the entire small business workforce had to be laid off or furloughed in 2020 due to the COVID-19 pandemic.

The number of small and medium-sized enterprises in the United States was forecast to continuously decrease between 2024 and 2029 by in total 6.7 thousand enterprises (-2.24 percent). After the fourteenth consecutive decreasing year, the number is estimated to reach 291.94 thousand enterprises and therefore a new minimum in 2029. According to the OECD an enterprise is defined as the smallest combination of legal units, which is an organisational unit producing services or goods, that benefits from a degree of autonomy with regards to the allocation of resources and decision making. Shown here are small and medium-sized enterprises, which are defined as companies with 1-249 employees.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than 150 countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).

Small Business Loan Market Outlook

The global small business loan market size was valued at approximately USD 1.8 trillion in 2023 and is projected to reach USD 3.1 trillion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period. The growth of this market is driven by a combination of factors including an increasing number of small and medium enterprises (SMEs) seeking financial assistance, advancements in financial technology, and supportive governmental policies aimed at encouraging entrepreneurship. As SMEs continue to contribute significantly to global economies by enhancing employment rates and contributing to GDP, the demand for small business loans is anticipated to surge, paving the way for robust market growth.

One of the primary growth factors for the small business loan market is the continued expansion of the SME sector globally. With SMEs constituting a substantial portion of businesses worldwide, there is an ever-increasing need for financial solutions that support their operational and expansion needs. This growth is further bolstered by the rise of entrepreneurial spirit, particularly in developing regions where micro and small enterprises are pivotal in economic revitalization. Additionally, the increasing digitalization of financial services has made access to loans more streamlined and accessible, thus facilitating the growth of the market by catering to a wider audience who previously might have been excluded from traditional banking services.

Moreover, the advent of financial technology (fintech) has dramatically transformed the landscape of small business lending. Fintech companies have introduced innovative solutions that not only expedite the loan approval process but also offer more flexible loan terms that are tailored to the specific needs of small businesses. These technological advancements have significantly reduced the barriers of entry for small businesses to access capital, allowing them to thrive and expand. Additionally, AI-driven credit scoring systems and machine learning algorithms have improved risk assessment, enabling lenders to offer competitive interest rates and terms, further fueling market growth.

Supportive government measures and policies are another driving force behind the growth of the small business loan market. Many governments recognize the crucial role SMEs play in fostering economic growth and job creation, leading to the implementation of favorable policies such as tax incentives, subsidies, and guarantees to encourage lending to small businesses. Programs like the Small Business Administration (SBA) loans in the United States and similar initiatives across Europe and Asia Pacific are exemplary of how government support can stimulate market growth by mitigating risks for lenders while providing much-needed capital to small enterprises.

Regionally, the small business loan market exhibits diverse growth patterns. North America remains a significant market due to its well-established financial infrastructure and the presence of numerous SMEs. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by rapid industrialization, a burgeoning start-up ecosystem, and proactive governmental support for SMEs. Meanwhile, Europe and Latin America are also witnessing increased demand for small business loans, propelled by technological advancements and economic recovery efforts. The Middle East & Africa, although smaller in market size, is experiencing steady growth due to rising entrepreneurial activities and improved financial access.

Loan Type Analysis

The categorization of small business loans into term loans, SBA loans, business lines of credit, invoice financing, equipment financing, and others, offers a comprehensive understanding of the varied financial solutions available to meet the diverse needs of small businesses. Term loans are one of the most traditional forms of financing, offering a lump sum amount to be repaid over a set period with interest. This type of loan is particularly appealing to small businesses looking to invest in capital expenditures, expansion projects, or to cover significant one-time expenses. The predictability and structured repayment plan of term loans make them a preferred choice for many small business owners.

SBA loans, backed by government guarantees, provide small businesses with access to financing that might be otherwise unavailable through conventional channels. These loans are designed to support the growth and development of small businesses by offering lower interest rates and

Small Business Market size was valued at USD 129.49 billion in 2023 and is poised to grow from USD 140.5 billion in 2024 to USD 269.84 billion by 2032, growing at a CAGR of 8.5% during the forecast period (2025-2032).

Small Business Phone Systems Market Outlook

The global market size for small business phone systems was valued at approximately USD 5.2 billion in 2023 and is projected to reach around USD 9.8 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.2% during the forecast period. Several growth factors are driving this market, including technological advancements, the increasing need for seamless communication in small to medium-sized enterprises (SMEs), and the growing adoption of cloud-based solutions.

One of the primary growth factors driving the small business phone systems market is the increasing digital transformation initiatives across various industries. Small businesses are increasingly adopting advanced communication tools to streamline operations, enhance customer service, and improve collaboration among employees. These systems offer features such as voicemail, call forwarding, conferencing, and integration with customer relationship management (CRM) software, making them essential for modern business operations. Additionally, the rise in remote working trends has further propelled the demand for efficient and versatile phone systems that support a distributed workforce.

Another significant factor contributing to the market's growth is the cost-efficiency and scalability of modern phone systems. VoIP (Voice over Internet Protocol) and cloud-based phone systems, in particular, are becoming popular among small businesses due to their lower installation and maintenance costs compared to traditional phone systems. These systems also offer the flexibility to scale operations up or down based on business needs, making them ideal for growing enterprises. Moreover, the integration of advanced features such as artificial intelligence (AI) for automated customer service and analytics is enhancing the functionality and value proposition of these systems.

The increasing importance of customer experience and engagement is also fostering the adoption of advanced phone systems among small businesses. In competitive markets, providing excellent customer service can be a key differentiator, and modern phone systems enable businesses to manage customer interactions more effectively. Features like call routing, automated attendants, and real-time analytics help businesses respond to customer inquiries promptly and efficiently. Furthermore, the ability to integrate phone systems with other business applications, such as CRM and help desk software, allows for a more holistic approach to customer management.

From a regional perspective, North America holds a significant share of the small business phone systems market, driven by high adoption rates of advanced communication technologies and a strong presence of key market players. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the increasing number of small and medium-sized enterprises in countries like China and India, coupled with rising investments in IT infrastructure and digital technologies. Additionally, government initiatives to promote digitalization and support small businesses are likely to further boost market growth in this region.

As small businesses continue to embrace digital transformation, the role of Business Phone Number Apps becomes increasingly significant. These apps provide businesses with the flexibility to manage communication on the go, allowing employees to stay connected with clients and colleagues from anywhere. Business Phone Number Apps often integrate seamlessly with existing phone systems, offering features such as call forwarding, voicemail, and messaging, which are essential for maintaining professional communication standards. Additionally, these apps can be particularly beneficial for remote teams, as they enable consistent communication without the need for physical office infrastructure. By leveraging Business Phone Number Apps, small businesses can enhance their operational efficiency, improve customer service, and adapt to the evolving demands of the modern workplace.

Product Type Analysis

The small business phone systems market is segmented by product type into VoIP Phone Systems, PBX Phone Systems, Key System Units, and Hybrid Phone Systems. VoIP Phone Systems are rapidly gaining popularity due to their cost-effectiveness and advanced features. These systems use the internet to transmit voice calls, eliminating the need for traditional phone line

Context

The dataset is from the U.S. Small Business Administration (SBA)

The U.S. SBA was founded in 1953 on the principle of promoting and assisting small enterprises in the U.S. credit market (SBA Overview and History, US Small Business Administration (2015)). Small businesses have been a primary source of job creation in the United States; therefore, fostering small business formation and growth has social benefits by creating job opportunities and reducing unemployment.

There have been many success stories of start-ups receiving SBA loan guarantees such as FedEx and Apple Computer. However, there have also been stories of small businesses and/or start-ups that have defaulted on their SBA-guaranteed loans.

Content

Shape of the data: 899164 rows and 27 columns

Data Dictionary

Description of the first two digits of NAICS.

Acknowledgements

Original data set id from “Should This Loan be Approved or Denied?”: A Large Dataset with Class Assignment Guidelines. by: Min Li, Amy Mickel & Stanley Taylor

To link to this article: https://doi.org/10.1080/10691898.2018.1434342

Inspiration

Good luck with predictions!

The below table shows a complete breakdown of employer businesses owned by minorities.

During a April 2022 survey, 21.6 percent of surveyed small businesses in the United States claimed that the COVID-19 pandemic had a large negative effect on business. In comparison, only 1.7 percent of respondents said that the pandemic had a large positive effect on their business.

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