As everyone gathered here today knows, small businesses are the driving force in our economy, accounting for over half of all employment and nearly two-thirds of all employment growth in the United States. Small businesses are among the most dynamic in the economy, often responding to local needs and demands more quickly and more effectively than larger firms, and also creating new jobs in the process. That dynamism has a clear cost, as nearly a quarter of small businesses will fail in their first year, and nearly half will not make it past their third. Access to capital is the major constraint limiting the creation, growth, and expansion of small businesses, and it is the main contributing factor to their failure.
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