Good News For Businesses Owned By Women & Minorities

Photographed by Maria Del Rio.
New research holds promising news for female and minority business owners. SCORE, which works with small businesses and entrepreneurs, has released an infographic showing that women-owned businesses are growing at 1.5 times the national average. Meanwhile, the number of women-owned businesses has risen 67.8% since 1997, compared to 34.4% for companies owned by men.

The 9.1 million businesses owned by women in the U.S. have a high concentration in the health care, social assistance, and education industries, and are outpacing male-owned companies in terms of employment rates and revenue. Between 1997 and 2014, women-owned firms saw an 11% increase in employment rate and a 72.3% growth in revenue. For men, the employment rate increased by 6.5%, with revenues rising 45.1%.

Over the same period, the number of businesses owned by women of color has grown from 1 million to 3 million, an increase of 215.7%. Latino-owned businesses are also gaining momentum, growing at twice the national average. As of 2014, there were 3.22 million Latino-owned firms, compared to 1.57 million in 2002.

The infographic below breaks down the impressive growth in greater detail. Folks, give yourselves a pat on the back.

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