Minority-owned business trends can change over time, but the capital finance they use to stay solvent should always be strong. However, recent history can also tell us important details. The U.S. Department of Commerce's Minority Business Development Agency released a fact sheet about minority-owned firms this January. All told, the source found that there are more than 7.9 million minority firms, compared to 27,626,360 total firms.
For those wanting to start or sustain a business in Ohio, the latest figures could give an idea of what to expect. Here are some highlights from this data:
- Hispanic-owned firms dominated: The source measured five specific groups of owners: African American/Black, American Indian & Alaska Native, Asian, Hispanic and Native Hawaiian & Pacific Islander. Of these groups, Hispanic owners accounted for the greatest number of firms, with more than 3.3 million. Asian firms were responsible for the highest number of combined gross receipts with $699.5 billion, as well as the largest number of firms with employees ($481,026).
- Ohio in upper half of nationwide rank: This report also separated each state into one of six categories based on the amount of minority-owned firms there. Ohio placed third-highest, meaning it hosts between 500,000 and 999,000 firms owned by minorities.
- Wide ranges of industries covered: Of all the industry sectors assessed, the largest one for minority-owned firms was "other." This accounted for 37 percent of these businesses and included "repair and maintenance; personal and laundry services; religious and civic organizations; and private households."
The story doesn't end with capital and revenue, though. As a Fast Company article recently pointed out, there needs to be support and mentorship for minority business owners to help create a productive network.
Growth Capital can help owners find out how to get an SBA loan. Contact us for more information.