Small and medium-sized businesses (SMBs) make up a significant portion of the global economy. According to the US Census Bureau, 99.7 percent of employer firms, 46 percent of private-sector output and 98 percent of firms exporting goods are all categorized as small businesses. In Europe, they constitute an even larger piece of the pie. As of 2010, more than 99 percent of all businesses in Europe were classified as SMBs, and the European Community (EC) asserts these companies are responsible for 70 percent of all jobs and EU GDP.