According to data compiled from the Bureau of Labor Statistics, in the state of Georgia, 700 more small businesses continued operations in 2017 compared to 2016. The latest data from the Small Business Administration further compliments the state’s success with 1 million small businesses employing 1.6 million people. Last year, the SBA issued over $1.4 billion in loans to Georgia businesses alone.
Terri Denison, the district director at the Georgia Small Business Administration, attributed the businesses’ success to favorable conditions in the state, including the presence of a world-class airport, the port of Savannah and great infrastructure that support small business opportunities.
In addition, Drew Tonsmeire, the area director at the University of Georgia Small Business Development Center at Kennesaw State University explained the changing dynamics for small businesses in today’s market. “Ten years ago, we were dealing with survival — right around this time is when the recession happened,” he said. “Right now, its growth, competition and technology.”
A strong economy as well as a growing internet is currently aiding the success of most small businesses in today’s market. The better companies are able to utilize current technology and opportunities the better they will be at stimulating growth.