Business boom: Record numbers of people are starting up new small businesses

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Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. More than 5 million applications were filed in 2021 and 2022 and a record 5.

FILE - This May 18, 2021, photo shows a woman typing on a laptop on a train in New Jersey. Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. NEW YORK — Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study.

Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Still, women do not receive as much interest from investors as men. In 2023, just 3% of women entrepreneurs received a private capital investment to start their business, compared to 9% of male entrepreneurs.

 

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