Fewer business license applications were filed in Shelby County, Tennessee, in the first quarter of the year than during the same period last year, according to the Memphis Daily News.
Figures show that there were 1,156 applications made at the start of 2011, down from 1,527 made in the first quarter of 2010, representing a drop of 24.3%. However, March was the busiest month of the quarter for business license applications.
John Duncan, vice president of member development for the Greater Memphis Chamber, told the news source that around 80% of companies in the county are small businesses with fewer than 100 employees.
“That’s really the lifeblood of our economy, and certainly the larger economy, as well,” he said.
Statistics revealed that statewide in Tennessee, there was an increase of 1.3% in the number of business permits filed between January and March, compared to the same time period in 2010.