Colorado Small Business Economic Profile Small Business
1679650523
File Name: Small-Business-Economic-Profile-CO.pdf
File Size: 1.48 MB
File Type: Application/pdf
Last Modified: 7 months
Status: Available
Last checked: 5 hours ago!
This Document Has Been Certified by a Professional
100% customizable
Language: English
We recommend downloading this file onto your computer
Summary
U.S. SMALL BUSINESS ADMINISTRATION 2021 Small Business Profile REGULATION RESEARCH OUTREACH Colorado 674,741 small businesses 1.2 million small business employees 99.5 percent of Colorado businesses 48.0 percent of Colorado employees Percent 100 75 50 25 0 Share of employees working at small businesses by county Source of data: Statistics of US Businesses (Census) Business dynamicsEstablishments Between March 2019 and March Thousands of establishments 2020, 23,716 Colorado 20 establishments opened and 22,460 10 Openings Net change closed, for a net increase of 1,256
0 Employment expanded at 40,449 Closings -10 and contracted at 39,512. Small -20 businesses accounted for 23,525 openings and 22,249 closings. 2000 2010 2020Employment Opening and expanding Colorado Thousands of jobs establishments added 262,880 jobs, while closing and contracting 200 Gains Net change establishments lost 237,683, for a net 0 increase of 25,197 jobs. Small Losses businesses contributed a net -200 increase of 25,126 jobs, or 99.7 percent of that total. 2000 2010 2020Counts include temporary closures and reopeningsSource: Business Employment p y yy Dynamics (BLS) 1 Small business loansThe Community Reinvestment Act New lending to businesses with revenues under $1 millionrequires large banks to report new $Billionsmall business loans. In 2019, reportingbanks issued $2.0 billion in loans toColorado businesses with revenues of 2$1 million or less. Total reported newlending to businesses through loans of$100,000 or less was $2.2 billion, and 1total reported new lending tobusinesses through loans of $1 millionor less was $5.3 billion. 0Source: CRA Aggregate gg g Data (FFIEC) 2000 2005 2010 2015 2020 Small business count by size and industry No 1–19 20–499 All small Industry employees employees employees businesses Professional, Scientific, and Technical Services 93,553 23,011 1,555 118,119 Real Estate and Rental and Leasing 67,330 10,375 389 78,094 Construction 58,564 17,345 1,495 77,404 Other Services (except Public Administration) 48,376 12,568 983 61,927 Retail Trade 39,729 10,831 1,172 51,732 Health Care and Social Assistance 36,115 11,737 1,640 49,492 Transportation and Warehousing 45,167 2,758 362 48,287 Administrative, Support, and Waste Management 39,922 7,033 906 47,861 Arts, Entertainment, and Recreation 33,009 2,555 326 35,890 Finance and Insurance 15,279 5,569 392 21,240 Educational Services 17,800 2,098 422 20,320 Accommodation and Food Services 8,545 7,645 2,822 19,012 Manufacturing 7,607 3,755 866 12,228 Wholesale Trade 6,830 4,398 910 12,138 Information 7,938 1,749 310 9,997 Agriculture, Forestry, Fishing and Hunting 5,000 329 17 5,346 Mining, Quarrying, and Oil and Gas Extraction 4,227 790 149 5,166 Utilities 308 149 44 501 Management of Companies and Enterprises * 116 264 380 Industries not classified * 226 1 227 Total 535,299 124,952 14,490 674,741* Not reported by the Census BureauSources: Nonemployery Statistics, 2018 (Census); Statistics of US Businesses, 2018 (Census) Small business exports A total of 5,921 identified firms exported goods worth $7.7 billion from Colorado in 2019
Of those exporters, 5,163—or 87.2 percent—were small. Small firms exported goods worth $2.1 billion, making up 26.9 percent of exports by identified firms
Source: A profile of US importing and exporting companies, 2018–2019 (Census)Colorado 2021 2 SBA Office of Advocacy Business ownership share by demographic groupWomen Workers Women made up 46.1 percent of workers and owned Ownership 44.5 percent of businesses
Veterans Workers Veterans made up 6.3 percent of workers and owned Ownership 7.4 percent of businesses
Hispanics Workers Hispanics made up 19.8 percent of workers and owned Ownership 11.1 percent of businesses
Racial minorities Workers Racial minorities made up 12.1 percent of workers and owned Ownership 7.4 percent of businesses
Ownership shares include equal and majority ownershipSources of data: American Community Survey, 2018 (Census and IPUMS); Annual Business Survey, 2018 (Census);Nonemployer Statistics by Demographics, 2017 (Census) Business count by owner demographic group Without With Ownership employees employees Total Female 214,000 30,479 244,479 Male 274,000 79,111 353,111 Owned equally by both groups 18,000 20,460 38,460 Veteran 33,000 8,229 41,229 Not veteran 470,000 119,021 589,021 Owned equally by both groups 3,100 2,802 5,902 Hispanic 61,500 6,539 68,039 Not Hispanic 443,000 122,181 565,181 Owned equally by both groups 1,400 1,334 2,734 American Indian and Alaska Native 1,600 838 2,438 Asian 18,500 6,515 25,015 Black or African American 18,000 * * Native Hawaiian and Other Pacific Islander 550 * * White 467,000 121,868 588,868 Hispanic or racial minority 96,000 14,985 110,985 White and not Hispanic 408,000 113,144 521,144 Owned equally by both groups 2,100 1,926 4,026* Not reported by the Census Bureau; counts include only businesses classifiable by owner demographic groupSources: Annual Business Survey, 2018 (Census); Nonemployer p yy Statistics by g p y Demographics, 2017 (Census)Colorado 2021 3 SBA Office of Advocacy Total Colorado employment by business size Source of data: Statistics of US Businesses (Census) Million G Colorado small business 2.0 employment grew by 42.2 percent between 1994 1.5 500 employees or more and 2018, which exceeded the national 1.0 100 to 499 small business 0.5 20 to 99 employment growth rate
fewer than 20 G 0.0 1995 2000 2005 2010 2015 Small business employment and payroll by industry Employers Employment Payroll ($1,000s) Industry Small % Small % Small % Professional, Scientific, and Technical Services 24,566 98.0 117,494 58.3 9,145,003 51.3 Construction 18,840 99.2 135,997 79.5 7,891,746 73.5 Other Services (except Public Administration) 13,551 98.8 89,339 79.9 3,052,424 76.4 Health Care and Social Assistance 13,377 98.3 157,407 49.5 6,841,413 41.7 Retail Trade 12,003 96.4 99,527 35.6 3,528,608 39.6 Real Estate and Rental and Leasing 10,764 98.4 33,104 68.8 1,802,914 68.4 Accommodation and Food Services 10,467 97.5 182,563 61.1 3,870,839 59.2 Administrative, Support, and Waste Management 7,939 95.7 73,962 28.0 3,175,864 24.6 Finance and Insurance 5,961 94.0 31,667 27.2 2,507,664 24.4 Wholesale Trade 5,308 90.8 48,984 46.9 3,058,694 36.7 Manufacturing 4,621 94.6 62,319 49.7 3,175,839 41.0 Transportation and Warehousing 3,120 92.9 23,477 29.9 1,051,692 24.5 Arts, Entertainment, and Recreation 2,881 97.9 29,510 50.4 1,160,248 56.9 Educational Services 2,520 97.6 31,699 60.0 1,059,312 59.2 Information 2,059 89.4 23,630 24.5 1,928,369 21.6 Mining, Quarrying, and Oil and Gas Extraction 939 92.0 10,664 43.3 1,148,070 42.8 Management of Companies and Enterprises 380 53.7 7,006 11.5 725,605 11.1 Agriculture, Forestry, Fishing and Hunting 346 98.9 1,778 96.0 76,519 94.1 Industries not classified 227 100.0 224 100.0 9,811 100.0 Utilities 193 90.6 3,235 31.6 309,427 30.8 Total 139,442 97.6 1,163,586 48.0 55,520,061 41.5Source: Statistics of US Businesses, 2018 (Census) About this profile Small businesses are defined here as firms with fewer than 500 employees. Figures and statistics may incorporate approximations because of missing or otherwise problematic data. Data analyzed here predate the COVID-19 pandemic, the impacts of which have differed by industry, geography, and demographic group. More information about the impacts of the pandemic, electronic versions of these and other ggeographic g pp pprofiles, and additional resources are available at http://advocacy.sba.gov
pp /// yy gColorado 2021 4 SBA Office of Advocacy
Small business loans The Community Reinvestment Act New lending to businesses with revenues under $1 million requires large banks to report new small business loans. In 2019, reporting banks issued $2.0 billion in loans to Colorado businesses with revenues of $1 million or less. Total reported new lending to businesses through loans of
Documemt Updated
Popular Download
Frequently Asked Questions
Where can i get small business funding in colorado?
The Colorado Small Business Development Center Network provides the following lenders as possible sources of funding for small businesses in Colorado. You may apply to any or all of the following lenders.
What is the colorado enterprise fund?
The Colorado Enterprise Fund finances and supports entrepreneurs and small businesses. It started in 1976 to expand access to financing and offer flexible terms to business owners when traditional lenders were unable to do so.
How many businesses are there in colorado?
There are 126,771 businesses and 37,000 farms that operate in Colorado. The grant awarding body may be a government agency, various corporate foundations, or private foundations. Almost 31,855 companies file bankruptcy in Colorado annually, and the state pays over $87.46 billion in wages and salaries.