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Log In / Register | Jul 17, 2018

Small Businesses Make Up 99 Percent of Houston's Companies

Harvey's visit has wreaked devastation and flooded thousands of square miles in Houston, leaving the city's small businesses struggling to recover. Houston is in Harris County, the country's fastest growing county for eight years, dropping to second place just in the last year.

About 99 percent of the companies in Houston are considered small businesses in a region with a gross domestic product (GDP) of more than $315 billion, according to U.S. government data. They face a long, expensive road to recovery with only a fraction of the resources of the state's massive oil and medical industries.

Small business often lack large cash reserves, and the loss of income from having to shut down temporarily, or move to another location, can be serious threats.

Many small business owners said in interviews they would rebuild in Harvey's wake. They hoped disaster assistance from the U.S. Small Business Administration (SBA), which has offered low-interest loans, would cover some costs. — Ernest Scheyder, Reuters via Business Insider

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