There are some signs that Ohio may still be a good place for women and minority business owners to be, according to the Columbus Foundation's Benchmarking Central Ohio 2016 report.
Using several different criteria and metrics, the source collated details about cities across the country, including three in the Buckeye State: Cincinnati, Cleveland and Columbus. The Cincinnati metro area also included counties in two other states, Kentucky and Indiana.
Looking back on the previous years of the report, this edition showed a definite upward swing in the percentage of minority-owned businesses in Columbus- from 1997, when they made up 7.9 percent, on to 2012, when the number reached 19 percent. That year, Cleveland placed highest of the three Ohio cities for its number of minority-owned establishments, with a combined total of 39,316 businesses.
Women-owned businesses also did well during this time frame, going from 30.8 percent of the local 2007 business population in Columbus 2007 to 36.6 percent just five years later. By then, Columbus placed highest among the three Ohio cities, with 59,239 such businesses to its name. It also placed in the top metro areas listed.
Last year, Columbus Business First released a ranking of the 25 women-owned businesses in Central Ohio. The list included Kokosing Inc., which earned a revenue of nearly $927.7 million in 2014 with 651 employees in the Central Ohio region.
While some of these statistics may be encouraging, reliable access to capital is what will truly make a difference to entrepreneurs. Growth Capital can help owners take part in the Community Advantage program, among others, for the commercial lending they need. It could be a simple way to get financial assistance for major business changes. Sign up for our mailing list to learn more today.