Business Law News Headlines

Minorities In Business Report Issued

The Office of Advocacy of the U.S. Small Business Administration today released Minorities in Business: A Demographic Review of Minority Business Owners. The data are compiled primarily from the 2002 U.S. Census Bureau’s Survey of Business Owners and Self-Employed Persons.

“This report continues Advocacy’s tradition of providing small business data for policy makers and others,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “Solid research and data on small business will help drive sound policy decisions.”

The report presents a snapshot of how minority business ownership has changed from 1997 to 2002. It also compares the latest data to earlier surveys and derives growth rates in ownership and other demographic factors. However, over time the Census Bureau has changed definitions and collection methods; therefore, comparisons are problematic and growth rates as well as other measures of dynamic change should be viewed with caution.

Among the data presented in the report (owners may claim multiple races/ethnicities):

· In 2002 (latest data), Asians owned 4.6 percent of all firms (1.1 million), Blacks 5.0 percent (1.2 million), Hispanics 6.6 percent (1.6 million), Native Americans .8 percent (.2 million), and Pacific Islanders .1 percent (.03 million).

· In 2002 (latest data), women owned 17 percent of all employer firms (those with employees), or 900,000. Women owned 22 percent of Asian-owned employer firms (71,000), 29 percent of Black-owned employer firms (27,000), 22 percent of Hispanic-owned employer firms (43,000), 30 percent of Native American-owned employer firms (7,000), and 23 percent of Pacific Islander-owned employer firms (800).

The Office of Advocacy, the “small business watchdog” of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats, and it funds research into small business issues.

Contact our Wisconsin Business Lawyers and obtain a free case review!

	Did You Know?
	Every growing business faces issues that require the services of an experienced attorney. Every growing business faces issues that require the services of an experienced attorney. Issues such as stock-option plans, employee negotiations, state and federal tax rates and intellectual property rights all require a corporate lawyer experienced in representing start-up and emerging companies. And though such attorneys charge more than generalists do, the money you spend on experience will save you time, aggravation and money in the long run.