DOL Reports 5.5 Million jobs for Americans still Needed Way Out of Unemployment - Build Your Own Business

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CAMEO conducts a yearly survey of its members who provide entrepreneurship training and loans under $50,000. The recent December 2011 survey found members supported 38,000 jobs in 2010. Forty percent of the clients served were unemployed.

California Association for Micro Enterprise Opporutnity
To create jobs, Americans are going to build their own business or get hired by someone who does. If one out of every three of the country's micro-businesses hired one employee, our economy would recover and thrive.

CAMEO conducts a yearly survey of its members who provide entrepreneurship training and loans under $50,000. The recent December 2011 survey found members supported 38,000 jobs in 2010. Forty percent of the clients served were unemployed.

According to the U.S. Department of Labor, the unemployment rate improved to 8.5%. However, the U.S. Department of Labor report that our economy has 5.5 million fewer jobs today than when the recession started in December 2007. Jobs remain a top concern of many Americans.

Where are Americans going to find jobs? They are going to create their own.

In December 2011, the California Association of Micro Enterprise Opportunity (CAMEO) finished the analysis of its members survey on job creation in 2010. CAMEO announces that in 2010 its members served 21,000 businesses with entrepreneurship training, business coaching and loans. These firms, which were largely start-ups, brought 38,000 new jobs into California’s economy. The businesses created $1.3 billion in economic activity – raising state revenues, decreasing demand for government services and putting more money into local and state economies.

Claudia Viek, the CEO of California Association for Micro Economic Opportunity (CAMEO), says "Americans are going to build their own business or get hired by someone who does. In California, there are about 4 million micro-businesses. Their potential is significant. If one out of every three of these businesses hired one employee, our economy would recover. Strengthening very small businesses is key to generating jobs and stimulating local economies."

Many of these businesses were started by people who have been laid off. Members who tracked their clients unemployment status reported that forty percent of their clients were unemployed. This is up from 29% in 2009.

These businesses received business coaching and assistance with his business plan, his cash flow statement, and market research. Business owners who go through training programs and receive business assistance from CAMEO members have an 80 percent success rate versus the 80 percent failure rate of small businesses that don’t seek help. Further, those that receive assistance to start their own businesses, on average, create two jobs in addition to their own over a three-to-five year period.

Company Information:

CAMEO’s mission is to promote jobs, economic opportunity and community well-being through entrepreneurship training, business coaching and microfinance. CAMEO is California’s statewide Micro Enterprise association made up of over 160 organizations, agencies and individuals dedicated to furthering the fortunes of micro-businesses in California.

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Heidi PIckman
CAMEO
415-992-4484
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