page, but makes life more rewarding for millions of Americans. It is the kind of success that offers personal services to consumersand personal satisfaction to the businessman. "It can mean a chance for a young American to bring not only his talent but his individuality to the challenge of the business world. "It can also mean an opportunity for dignity and for economic and social progress for many Americans previously without access to the economic system of our Nation. Small business is a way to become a part of that system—and, after seeing it work, believe in it, in its promises and in its challenges..." -President's Message to the SBA highlights of the year The Small Business Administration made a record 49,179 loans of all types totaling $1.1 billion-111 percent more in volume and 40 percent more in dollar amount than during the previous year. The number of SBA business loans reached a new high, with 17,425 in all categories for $868 million, compared to 14,006 loans and $674 million in 1969. Minority enterprise increased significantly. The number of minorityowned businesses at year's end stood at approximately 4.5 percent of the total business population, a 22-percent gain in 2 years. SBA business loans to minorities and other socially and economically disadvantaged persons were at record level-6,741 loans for $176 million, compared with 5,385 loans for $131 million the year before. Homeowners and businessmen suffered a record number of hurricane and other major natural disasters. They received 31,754 SBA disaster loans totaling $220 million, triple the number in 1969 Small Business Investment Companies (SBIC's) made 3,000 financing to small businesses for $187 million. The percentage of Federal Government contracts to small business remained steady, despite a reduction in total Government purchases. Small business' share was more than 16 percent for a value of $6.5 billion. Management assistance programs were given special emphasis, with more volunteers joining the SBA's Service Corps of Retired Executives (SCORE) program and with new assistance agreements with working businessmen of four major national business organizations having a combined 100,000 members. The Nation's small business population rose approximately 1 percent to 5.2 million businesses during 1970. It is now estimated that there are another 3 million quasi-small businesses operating in the United States, which puts the aggregate small business population at 8.2 million. The Small Business Administration ended the year with a record portfolio of approximately 126,000 loans outstanding valued at nearly $2.5 billion, compared with approximately 107,000 loans at $2.1 billion the previous year. 0 Outstanding Marketable U.S. Obligations The current average market yield on outstanding market- J F M A M J JASON DJ F M A M J J A S O N DJ F M A M J JASOND 9.00 8.50 8.00 7.50 7.00 6.50 6.00 5.50 5.00 4.50 0 small business in the national economy The Nation's small business population of some 5,200,000 companies, numerically 95 percent of all U.S. businesses, is especially sensitive to changes in the general economy. The fortunes of small business vary with the type of product or service involved, but generally, small business rises farther in a rising economy and is the most highly vulnerable in a declining economy. Despite this susceptibility to fluctuation, and a high mortality rate even in periods of prosperity, each year close to half a million persons take the risk-start new businesses, leave one line of business to enter another, or close out businesses in one area to start up elsewhere. Total businesses showed a net gain in number, and small business kept pace proportionately. The number of businesses owned by minorities increased at a faster rate, and their share of the total business population increased significantly. |