Small Businesses Key to NH's Economic Success

Small businesses are the heart of New Hampshire's economy, and research by the U.S. Small Business Administration's Office of Advocacy shows that small businesses create most of the nation's net new jobs, and they bring dynamic ideas, innovative services, and new products to the marketplace. Small businesses account for almost all of the nation's employer firms and generate half of non-farm private output. This new business creation is essential to a state's ability to increase its gross state product, state personal income, and total state employment.

According to the U.S. Department of Labors Employment and Training Administration, NH had an estimated total of 145,900 small businesses in 2007. Employer firms totaled 41,000 in 2006, up 1 percent from the previous year. Of this total, an estimated 96.8 percent, or 39,700 were small firms. Self employment (incorporated and unincorporated) totaled 95,400 in 2006, an increase from 85,300 in 2005.

A number of organizations and programs here in the Granite State are dedicated to promoting small business creation and growth in New Hampshire. They include:

NH Small Business Development Center (NH SBDC) Each year, 3,000 small businesses in roughly 200 NH communities benefit from the counseling and educational programs offered by the NH SBDC, an outreach program of the UNH Whittemore School of Business and Economics. Services include in-depth online courses for small business owners covering marketing, business management and finance topics, GoToMeeting, a web conferencing tool that allows SBDC advisors and clients to meet online when they can't meet in person and ProfitCents, a web-based financial reporting software program that provides credit, financial and industry analysis and reports. (www.nhsbdc.org)

NH Business Resource Center The mission of the BRC is twofold - to retain and help expand existing NH businesses as well as to attract new companies to the state. The Center acts as a single point of contact for businesses seeking assistance in areas ranging from licensing and financing to permitting and workforce training. In addition, it works in conjunction with federal, regional, local and other State agencies, as well as with private sector partners, to deliver a comprehensive array of services to New Hampshire companies at all stages of their growth cycle. (www.nheconomy.com)

MicroCredit-NH - First started by the Loan Fund in 1996, Microcredit-NH provides self-employed and small business entrepreneurs access to business training, loans up to $15,000 and networking opportunities. These business essentials are provided through a network of over 50 peer groups each made up of 4 to 10 people who have diverse businesses, all across the state. The peer group offers its members ongoing assistance to help them achieve business success. (www.microcreditnh.org)

SCORE - SCORE mentors provide free & confidential business mentoring through local chapters or online counseling. SCORE helps entrepreneurs develop business plans, explore growth opportunities and project cash flow. SCORE has local information about markets, regulations and resources. (www.score.org)

Women's Business Center (WBC) - The WBC assists women entrepreneurs, building the NH economy one woman-owned business at a time. The WBC provides educational workshops and programs, an online directory of women-owned businesses, peer mentoring through monthly Roundtables, one-to-one business counseling in person, by phone and through email, and a yearly celebration and showcase of women-owned businesses. (www.womenbiz.org)

Knowledge Institute/BUZGate - The Knowledge Institute works with America's public entrepreneurial assistance agencies to help all individuals, including veterans, women, disadvantaged persons and disabled individuals, to learn about and connect with the resources they require to start, grow and succeed in small business. In addition to providing direct services, the Institute creates and hosts virtual small business resource communities to promote awareness of available resources and technologies, as well as facilitate connections between those that "need" and those that "have" appropriate business solutions. (www.buzgate.org)