For the first time on record, American small businesses are closing faster than opening, a troubling sign as large corporations and cities see increasingly large shares of all post-recession gains. That trend was exacerbated as access to equity, credit and bank loans was rocked by the 2008 downturn, according to a new report from the Washington-based Economic Innovation Group.
“In spite of massive changes throughout the global economy,” the report says, “the rate at which businesses close has remained fairly steady in the United States over the past 40 years. In contrast, the rate of new business formation has plummeted, falling by half since the late 1970s.”
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By: Robert Downen, Albany Times Union
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