Study finds Texas ranks as second-best state for minority-owned small businesses

THE WOODLANDS, TX – A recent study has indicated that Texas ranks as the second-best state for minority business owners; it also ranks in fourth place for minority-owned businesses with revenue exceeding $1 million. Additionally, the Lone Star state placed first alongside five other states for having a maximum state corporate tax rate of zero percent.

The study, conducted by Clarify Capital, had several key takeaways, including:

• Hawaii, Texas, and Florida are the best states for minority business owners.
• Wisconsin, Alaska, and Iowa are the worst states for minority business owners.
• 14% of minority entrepreneurs started their business because their previous company let them go.
• Over half of minority entrepreneurs (54%) are unaware of funding opportunities for minority business owners.

“This news doesn’t surprise me in the slightest,” said Gil Staley, CEO of The Woodlands Area Economic Development Partnership when contacted by Woodlands Online. “We know that the Houston area is one of the most diverse populations in the nation. This bodes well for these businesses to move here and become part of our own community.”

According to the findings of the study, Hawaii, Texas, and Florida led the nation as the top states for minority small business owners. These locations have proven to be fertile ground for diverse entrepreneurial ventures to not only sprout but flourish. Our findings revealed a broader geographical trend, where states west of the Mississippi River exhibited a more conducive environment for minority entrepreneurs compared to their eastern counterparts. This westward tilt in opportunity suggests possible differences in economic, cultural, and policy factors that influence the success of minority-owned businesses across the country.

The full results of the study can be found at https://clarifycapital.com/top-states-minority-small-businesses.