Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Minnesota Ranks First in Five-Year Business Survival Rate

 

December 8, 2020



St. Paul – Minnesota ranks first in the nation in its five-year business survival rate (2015-2020), based on data from the U.S. Bureau of Labor Statistics. The state’s rate was 55.3%. In comparison, the national rate for the same period was 50.0%.

“This ranking confirms something we know to be true – people who start things in Minnesota tend to stick to it. It’s part of that Minnesota work ethic that we’re known for,” said DEED Commissioner Steve Grove. “This ranking bodes well for our economy, as we know that small businesses account for 47% of the jobs in the state.”

A recent study by MIT showed that new businesses are responsible for nearly all net new jobs and 20% of gross job creation in our economy – so encouraging new businesses is vital to our future economy.

In the third quarter, business starts in Minnesota were up nearly 60% compared to a year ago. Since the pandemic began, Minnesota is above the national average in incorporated business starts.

The Minnesota Department of Employment and Economic Development (DEED) offers a broad range of programs and services to help new businesses get started and to help existing businesses grow.

Starting a Business: DEED offers information and assistance for starting a business including personal consultations through our Small Business Assistance Office and our network of Small Business Development Centers across the state.

Launch Minnesota: Provides Innovation grants to innovative, scalable technology startups across Minnesota. The program has awarded nearly $2.4 million to startups statewide since it began last year and is currently accepting grant applications for this fiscal year.

Business Financing: DEED oversees a number of other business financing and training grant programs geared toward business at all stages, including the Emerging Entrepreneur Loan Program.

Business Development Managers: Help businesses locate and expand in Minnesota.

Workforce Strategy Consultants: Help businesses develop innovative workforce solutions.

DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.

 

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