In 2020, there were a total 5,775,258 U.S. firms in all sectors. They employed about 129,363,644 workers and had total annual payroll of $7.3 trillion.
Approximately 20% or 1.2 million of these employer businesses were owned by minorities. They employed about 9.9 million employees and had annual payroll of $357.4 billion.
According to the ABS, business ownership among some racial and ethnic groups was concentrated in certain industries.
Last month, the U.S. Department of Commerce launched the Capital Readiness Program grant competition, which dedicates $93.5 million to help minority and other underserved entrepreneurs launch and scale their businesses.
This program, administered by the Minority Business Development Agency, marks the largest program of its kind in the history of the Commerce Department.
