According to the U.S. Small Business Association (SBA), 99.9% of all the businesses in America are small businesses. There are 30.7 million of them in total, and they employ nearly 60 million people. That’s 47.3% — roughly half — of America’s combined workforce. Most work for businesses that employ fewer than 100 people.
And while nearly three out of four of them are still owned by men, women own 12.3 million small businesses. Of those that are owned by women, 47% are owned by women of color. In total, minorities own 45% of America’s small businesses.
[ Read: The Best Small Business Loans in 2020 ]
To uncover the states with the smallest businesses, we consulted the SBA’s 2020 Small Business Profiles Report. States were ranked by the total number of businesses with less than 500 employees in their state. Naturally, there’s a correlation with population — small or sparsely populated states dominate the bottom of the list while larger populous stat… Read More