The United States Department of Commerce’s Census Bureau released on July 13th the 2015 Annual Survey of Entrepreneurs, in a second year of partnership with the Minority Business Development Agency (MBDA) and the Ewing Marion Kauffman Foundation. The report detailed an increase in minority-owned employer firms, payroll, and a higher number of individuals employed.
Before the MDBA and Kauffman Foundation partnership, a breakdown of entrepreneurs within the U.S. by race, gender, veteran status, and ethnicity was only available when the U.S. Census Bureau released the Survey of Business Owners every five years. The Kauffman Foundation focuses on entrepreneurship and education, while the MBDA is a Federal agency working to grow American minority-owned businesses.
Viktor Hwang, Vice President of Entrepreneurship at the Kauffman Foundation, talked about the census in a press release, saying, “This comprehensive survey is the most accurate and direct way of understanding what entrepreneurs need. Data that produces actionable insights will help us understand what’s working — and what’s not working — in businesses across the country.”
The survey found the number of minority-owned businesses increased by about 4.9%, with 996,248 minority-owned businesses in 2015 compared to 949,318 in 2014. Despite this increase, the divide between nonminority and minority employer firms remains, with nonminority employer firms achieving annual receipts of $2.5 million, 52% higher than minority firms, with $1.2 million.
