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A recent study ranks Pennsylvania as the 11th best state in the country for businesses owned by minorities. PHOTO/GETTY IMAGES
PA ranks No. 11 for success in minority-owned businesses, study says
Ed Gruver//June 28, 2023//
Listen to this articlePennsylvania ranks as the 11th best state in the U.S. for the success of minority-owned businesses, according to a new study.
Lendio, a small business finance solutions provider, recently released a study titled “The Best & Worst States for Minority Entrepreneurs.” The study used the most recent data from the U.S. Census Bureau, Small Business Administration (SBA), and Economic Policy Institute from the business, lending, and economic sectors in each of the 50 states and D.C.
The data revealed that in Pennsylvania, 10.6% of businesses and 18% of startups under two years old are minority owned. From 2019-21, the number of jobs at these companies grew by 44%.
The study also showed that there are now a record 1.2 million minority-owned businesses in the U.S. Businesses owned by minorities have received a boost from the SBA’s Community Advantage loans awarded to underserved communities.
The percentage of SBA loans awarded to businesses owned by minorities has risen from 34% in 2017 to 45% in 2022. Businesses own by Native Americans grew by 68%, Pacific Islanders 28.8%, Latinos 16.5%, Blacks 13.6%, and Asians 10.2%.
The 10 best states for minority entrepreneurs are Hawaii, Maryland, Maine, Delaware, New Jersey, Florida, California, Virginia, Texas, and Idaho.
