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Census Bureau Minority-owned businesses on the rise
WASHINGTON (7/15/10)--The number of minority-owned businesses increased by 45.6% to 5.8 million between 2002 and 2007, more than twice the national rate of all U.S. businesses, according to the U.S. Census Bureau. This could have implications for credit unions’ member business lending (MBL). Also, the number of women-owned businesses increased 20.1% during the same period. The total number of U.S. businesses increased between 2002 and 2007 by 18% to 27.1 million (LoneStar Leaguer July 14). The new data come from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau's 2007 Survey of Business Owners. The preliminary report released is the first of 10 reports on the characteristics of minority-, women-, and veteran-owned businesses and their owners scheduled for release over the next year. Increases in the number of minority-owned businesses ranged from 60.5% for black-owned businesses to 17.9% for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6%. Receipts of minority-owned businesses rose 55.6% to $1 trillion between 2002 and 2007. Increases ranged from a high of 62.9% for Native Hawaiian- and Other Pacific Islander-owned businesses to 28.3% for American Indian- and Alaska Native-owned businesses. Over the same period, receipts of Hispanic-owned and women-owned businesses increased by 55.5% and 27% respectively. Receipts of all U.S. businesses increased by 33.5% to $30.2 trillion. Respondents to the 2007 Survey of Business Owners were asked to report the percent of ownership by gender, ethnicity, race and veteran status for up to four primary owners (Hispanics may be of any race). Business ownership is defined as having 51% or more of the equity, interest or stock in the business. The Credit Union National Association is supporting current legislation being considered in Congress to lift the cap on credit unions’ MBL to 27.5% of total assets from the current level of 12.25%. For more information, use the link.
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