Charleston, South Carolina.With over 530,000 small businesses already operating throughout the state, a recently published federal report demonstrates that South Carolina’s small business community is not only flourishing but also becoming more diversified.
Nearly 98% of South Carolina’s small businesses employ less than 20 people, according to data released by the U.S. Small Business Administration Office of Advocacy. This underscores the importance of microbusinesses to the Palmetto State’s economy.
Women and Minority-Owned Businesses Drive Growth
According to Frank Knapp, CEO of the South Carolina Small Businesses Chamber of Commerce, the state is seeing development in both new business ventures and small business expansions.
According to Knapp, the intriguing aspect of that is that women own 46% of them [minority-owned firms]. That is a great example of how women have entered the business world and are contributing to our economy.
Within the state:
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African American entrepreneurs
own 20.1% of small businesses. -
Veterans
account for 8.4% of business ownership. -
Hispanic business owners
make up 6.2%.
Diverse populations’ increasing involvement is viewed statewide as a powerful indicator of resiliency and economic empowerment.
Support Systems Boost Local Entrepreneurship
Specifically, Charleston is providing direct assistance to its expanding network of business owners. For new and minority business owners in particular, the City of Charleston’s Small Business Resource Guide offers program access and online resources.
The I-HOPE Women’s Business Center, which provides targeted resources for women-owned businesses around the region, is one noteworthy effort. This center is essential in helping female entrepreneurs find networking assistance, funding opportunities, and mentors.
Residents and business owners can learn more by going to:
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City of Charleston Small Business Resource Guide
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I-HOPE Women s Business Center
A Key Player in South Carolina s Economic Outlook
South Carolina’s small business ecosystem is vital to the state’s economic future, as more than half a million small enterprises support local job growth and economic stability. As more resources become available and entrepreneurial activity increases, especially in underserved and rural places, officials anticipate that this trend will continue.
Are you looking for more articles on community development and business expansion in South Carolina? For the most recent information from throughout the state, visitSaludaStandard-Sentinel.com.
