The Overall Picture
- Minorities own 15.1% of all businesses in the United States
- More minority business enterprises are being created at every level, from small/micro
operations to rapidly growing technology companies. According to this report, State of Minority
Business Enterprises: An Overview of the 2002 Survey of Business Owners, minority-owned
firms generated over $668 billion in annual sales, and employed about 4.7 million people in
2002.
- Businesses grossing over $500,000 annually in sales represented 75 percent of all minority
annual gross receipts and 73 percent of all employees in the minority business community.
- Using a proxy for measuring minority business growth, Black-owned firms had the highest growth rate for several measures between 1997-2002
Source: State of Minority Business Report 2002
Where are Minority Owned Businesses Located?
- 57% of all minority businesses in the nation resided in California, Texas, New York, and Florida in 2002
- Fastest growth in number of minority owned firms occurred in Nevada, Georgia, New York, Florida, and Minnesota between 1997-2002
Minority Owned Business % of Firms Owned By:
Hispanic: 40.2%
Asian: 28.1%
Black: 28%
American Indian: 6.7%
Source: SBA, "Dynamics of Minority-Owned Employer Establishments, 1999-2001," February 2005
Four Year Survival Rates:
Sources of Capital (click for larger)
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