HOUSTON, Texas (KTRK) -- It is National Small Business Week. These companies and their owners are the backbone of our economy.
A record number of people are starting small businesses, but it's not always easy.
According to a new survey, 5.5 million new business applications were filed in 2023. More and more new small businesses are owned by women and minorities.
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Of new business owners surveyed, women made up 49%. Black entrepreneurs made up 6% of new business owners in 2023, double the rate prior to the pandemic. Hispanic entrepreneurs made up 13% - up 5% from last year.
Dorie Smith is the deputy director of 10,000 Small Businesses, a program that helps small businesses get off the ground through free business education courses, access to capital, and individualized support from business advisors.
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Smith said that small businesses are critical to the health of the U.S. economy. They drive economic growth and create jobs for the local community.
The program is 100% funded by the Goldman Sachs Foundation, and applications are open.
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