Maryland is #1 for minority-owned business success
11/07/2024| Julie Miller
Maryland is #1 for minority-owned business success
11/07/2024 | Julie Miller
Minority-owned businesses thrive the most in Maryland, a new Lending Tree report details . Maryland topped Lending Tree’s study examining the states where minority-owned businesses thrive. The state earned top-10 rankings in three of five metrics.
Lending Tree’s study revealed:
- Minority-owned companies in Maryland have the fourth-highest pay per employee relative to all businesses.
- Over a quarter (25.4%) of companies in Maryland are minority-owned, the sixth-highest share in the U.S.
- Maryland scores high for the longevity of its minority-owned businesses. Here, 56.6% of minority-owned businesses have operated for at least six years, the 10th-highest across the country.
Success among minority business owners is no surprise, given Maryland’s track record of supporting minority-owned businesses
— Maryland Commerce Secretary Kevin Anderson
Maryland programs to support minority-owned businesses include the Minority Business Enterprise Program , the Maryland Small Business Development Financing Authority and TEDCO’s Social Impact Funds .
As minority-owned businesses are thriving in Maryland, so are minority employees across the state. Earlier this year, Lendio reported that Maryland had the lowest minority unemployment rate in the nation. Maryland, the most diverse state on the East Coast, is home to the nation’s top three most diverse cities : Gaithersburg, Silver Spring and Germantown.
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