PA's small biz ownership is diversifying
Pennsylvania’s small businesses have seen a 36.7 percent increase in minority ownership, according to the Small Business Administration’s Office of Advocacy.
Every year, the office releases a profile of the state of small business for each state across the country. Last week, the agency released this year's profiles which contain data taken from studies and surveys performed over the last decade. The profiles combine data and research from various government agencies and organization such as the Bureau of Labor Statistics.
One survey, conducted during the height of the Great Recession by the U.S. Census Bureau, found that Latino-owned small businesses increased by almost 53 percent. This increase represents the largest ownership demographic change recorded by the survey. Overall, minority ownership was on the rise.
Small businesses make an undeniable impact on the state’s economy. In 2014, loans under $100,000 issued by Pennsylvania lending institutions were valued at $3.1 billion. Around 89 percent of all exports in the state came from small businesses.
Employees working in small businesses make up just under 47 percent of the state’s workforce. The office defines a small business as any firm made up of 500 or fewer employees.
You can read the full profile here.