California hosts 20 percent of minority-owned businesses in the U.S.



New data released this week by the U.S. Census Bureau finds more minority entrepreneurs incorporate in California. Specifically, the study found the Golden State boasted the highest number of minority-owned businesses in the country between 2002 and 2007.

Nationwide, minority-owned business grew from 4 million to 5.7 million over the same period, reflecting a 45.5 percent increase that is more than double the rate of growth for all businesses nationwide.

Texas and Florida took the No. 2 and No. 3 spots on the list, respectively, but the data find that California hosts one out of every five minority-owned businesses in the U.S.

"Just as the 2010 Census has documented our increasingly diverse population, so too the Survey of Business Owners demonstrates the increasing diversity of US business ownership," said Tom Mesenbourg, deputy director of the US Census Bureau, in a statement. "The growth in the number of minority-owned firms - both employers and nonemployers - has far outpaced that of businesses overall."

As minority-ownership continues to increase, entrepreneurs in this sector may want to consider applying for minority business loans to further help grow their enterprises - whether in California or elsewhere.

Tags : ca, operations, small business management
Posted: Jun 13th, 2011
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