South Carolina Small Business Growth Surges, Topping 530,000 Firms
CHARLESTON, S.C. – A newly released federal report shows that South Carolina’s small business community is not only thriving but also increasingly diverse, with more than 530,000 small businesses now operating across the state.
The data, published by the U.S. Small Business Administration Office of Advocacy, reveals that nearly 98% of small businesses in South Carolina have fewer than 20 employees, highlighting the significance of microbusinesses in the Palmetto State’s economy.
Women and Minority-Owned Businesses Drive Growth
Frank Knapp, CEO of the South Carolina Small Businesses Chamber of Commerce, said the state is experiencing growth not only in startups but also in expansions of existing small businesses.
“The interesting thing about that is 46% of those [minority-owned businesses] are owned by women,” Knapp noted. “That is really a good indicator of how women have gone out and become entrepreneurs and are really supporting our economy.”
In the state:
- African American entrepreneurs own 20.1% of small businesses.
- Veterans account for 8.4% of business ownership.
- Hispanic business owners make up 6.2%.
This growing participation from diverse communities is seen as a strong sign of economic empowerment and resilience statewide.
Support Systems Boost Local Entrepreneurship
Charleston, in particular, is offering direct support to its growing network of entrepreneurs. The City of Charleston’s Small Business Resource Guide provides online tools and program access, especially for new and minority business owners.
One notable initiative is the I-HOPE Women’s Business Center, which offers specialized resources for women-owned businesses across the region. This center plays a vital role in connecting female entrepreneurs with mentors, capital opportunities, and networking support.
For more, residents and entrepreneurs can visit:
A Key Player in South Carolina’s Economic Outlook
With over half a million small businesses contributing to local job creation and economic stability, South Carolina’s small business ecosystem is a critical part of the state’s economic future. Officials expect this trend to continue as more resources become available and entrepreneurial activity grows, particularly in rural and underserved communities.
Looking for more stories on South Carolina’s business growth and community development? Visit SaludaStandard-Sentinel.com for the latest updates from across the state.
