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Copyright
Chillicothe Ross Chamber of Commerce
45 E. Main St.
Chillicothe, OH 45601
740-702-2722
Small business remains the engine
to our economic recovery
By Marvin Jones
President and CEO
While plenty of large enterprises continue to provide good jobs, thank goodness, it’s a known fact, and becoming even more commonplace, that the majority of the growth in new jobs comes from smaller businesses. A recent study by the Small Business Administration confirms the perception.
The SBA’s Office of Advocacy just released its Analysis of Small Business and Jobs which showed that 65 percent of the net new jobs in the private sector came from small businesses, defined as those with fewer than 500 employees. Of that total, 69 percent of net new jobs came from existing business and 31 percent from start-ups.
The lifespan of small business also is illustrated in the study. It notes 95 percent of new employers start with fewer than 20 employees, which makes sense, but that 90 percent of employers have fewer than 20 employees. “Most small firms start small, stay small and close just a few years after opening,” the report says, clearly demonstrating the risks taken by entrepreneurs these days.
The study notes that of 70.5 million jobs created between 1977 and 2000 by small firms in their first year of existence, only 57 million jobs remained by the time those firms reached their fifth anniversary.
“In the current downturn, firms with fewer than 20 employees were hit hard early, as their string of employment losses dates back to the second quarter of 2007. However, firms with 20-499 employees have taken their beating more recently,” the study said.
Now, the good part: “Whatever the mechanism our economy uses to heal the job market, big gains are possible in a relatively short time frame.”
Read the full report: Small business jobs analysis
USEC’s technology proving viable and ready
The American Centrifuge Plant of USEC took a big step forward this week with the announcement the machines being used operate as planned in a commercial plant configuration. “This phase is one of the last steps necessary to demonstrate that the world’s most advanced centrifuge technology is ready for commercial deployment,” said USEC President and CEO John Welch.
He said the “operations are integral to our efforts to address DOE’s requirements for a loan guarantee.” He said the mission is to keep the configuration running and install more machines to keep the process going forward so that it can be ramped up when the loan guarantee comes through.
USEC plans to re-apply for the guarantee later this year that will allow it to obtain the necessary financing to complete the project.
Goodwill shows off
workshop at BAB
About 75 chamber members and their guests took advantage of the opportunity to check out the workshop on Second Street of Goodwill Industries of South Central Ohio. Keith Alcorn and his staff provided food and beverages along with great entertainment from their clients. It was a good opportunity talk about how the organization has grown in 51 years from a downtown Chillicothe storefront in 1959 to today’s seven retail stores in Ross, Pickaway, Pike, Athens, Jackson, Vinton and Fayette counties along with an e-commerce store (www.shopgoodwill.com) that serves 75 employees. Check out activity from the event: BAB photos
Other news of note
- There was a 25 percent decline in the number of foreclosure filings for the first two months of 2010 compared to 2009 and 7 percent from 2008. The website of Ross County Clerk of Courts Ty Hinton showed only 24 filings in January, down from 49 a year ago, but 44 were filed in February this year, up from 42. In all of 2009, there were 497 filings compared to 409 in 2008.
- Nominations will be taken through Tuesday for the annual American Red Cross Heroes Breakfast. Sponsorships for the breakfast next Thursday also are available. For details, go to www.rossredcross.org.
- The 14th Annual Awards Event of Pioneer Center is Thursday (March 25) from 6:30-8:30 p.m. at the Ross County Service Center on Western Avenue. There is no charge to attend and a light buffet will be served.
- The Ohio Bureau of Workers’ Compensation heard details recently on the proposed Drug-Free Safety Program that possibly could replace the Drug-Free Workplace Program. There would be two tiers. While premium discounts would not be as great, some group-rated employers could stack the discount and there would be no limit to participating in the program. We’ll keep you posted.
- If you’re interested in doing business with the Ohio Department of Transportation, a seminar is set for Wednesday, April 7 at the Endeavor Center at the OSU South Centers near Piketon. Details: ODOT seminar or call 740-377-4550
Newest chamber member: Gerlach, Lear and Associates, 14 S. Paint St., Suite 32, by Diane Tedeschi, 773-4521, providing employee assistance programs and mental health counseling.