Latest data shows small business community growing in South Carolina
CHARLESTON, S.C. (WCSC) – South Carolina’s small business community is growing, as shown in recent data.
The SBA Office of Advocacy released its annual report of profiles of small businesses in each state. The data shows there are more than 530,000 small businesses in South Carolina.
The guidelines for what would qualify as a small business in the report are 499 employees or fewer; however, 98% of all qualified small businesses in the Palmetto State have fewer than 20 employees.
Frank Knapp, president and chief executive officer of the South Carolina Small Businesses Chamber of Commerce, said both new startups and small business expansions are growing throughout the state, and they play a crucial part in our economy.
Minority groups and women are playing an important role in small business success. Data reveals that Veterans own 8.4% of businesses, Hispanic people own 6.2% and African American people own 20.1% of businesses. Women have the largest percentage of minority-owned businesses in the state.
“The interesting thing about that is 46% of those are owned by women. I think that is really a good indicator of how women have gone out and become entrepreneurs and are really supporting our economy,” Knapp said.
The City of Charleston has a small business resource guild to expand support of small business owners and entrepreneurs.
One of the resources that focuses on helping women is the ‘I-HOPE Women’s Business Center. There are a variety of other resources on the city’s website.
Read the full report here:
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