New Commerce Department Data Shows that Minority Entrepreneurship is Growing
FOR IMMEDIATE RELEASE
Tuesday, December 15, 2015
News Media Contact:
Dijon Rolle drolle@mbda.gov (202) 482-1375
WASHINGTON — The U.S. Department of Commerce today released the final results of the U.S. Census Bureau’s 2012 Survey of Business Owners (SBO), which found that business ownership in our nation is mirroring our increasingly diverse population. Minority-owned firms in the U.S. rose from 5.8 million in 2007 to 8.0 million in 2012, and employed 7.2 million people in 2012. While the number of minority-owned businesses increased by 2.2 million, the number of non-minority- owned businesses declined by 1.1 million, from 20.1 million in 2007 to 18.9 million in 2012.
“The Commerce Department is committed to supporting all of America’s businesses, and ensuring that small and minority-owned firms in particular have the tools they need to thrive,” said National Director for Minority Business Alejandra Y. Castillo. “The Department’s Minority Business Development Agency (MBDA) has been a proud and steadfast partner to our nation’s 8 million minority-owned businesses, to better equip these firms to create jobs and increase revenues.
From 2007 to 2012, the percentage of minority-owned firms increased from 22 percent to 29 percent of the total number of U.S. firms. Hispanic-owned firms increased by 46.3 percent from 2.4 million to 3.3 million. The number of Native Hawaiian and Other Pacific Islander firms rose 45.3 percent from 37,687 to 54,749. Black or African American-owned firms rose from 1.9 to 2.6 million, and the number of Asian-owned firms climbed from 1.5 million to 1.9 million.
“This new Census Bureau data underscores the rapid growth in minority-owned firms. Nonetheless, considerable disparities remain between their revenue and nonminority companies in our economy,” said Director Castillo. “MBDA is committed to eliminating disparities in access to capital and contracts so that minority businesses may fully participate in the economy. Next year, MBDA will invest nearly $13.4 million in grants to continue to support the growth and expansion of Minority Business Enterprises (MBE)s.”
Regional highlights from the final 2012 SBO data:
To access the detailed SBO data, visit http://www.census.gov/econ/sbo/getdata.html.
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. Services are provided through a network of MBDA Business Centers. After 45 years of service, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that build size, scale and capacity through access to capital, contracts and markets.