Minnesota Small Businesses: Five Fast Facts

April 16, 2024

Delaney Sexton
Contributing Editor

Minnesota Small Businesses: Five Fast Facts

There are 525,156 small businesses in Minnesota, with 17,084 new businesses opening from March 2021 to March 2022.
Total reported new lending to businesses through loans of $100,000 was $1.6 billion.
Total reported new lending through loans of $1 million or less was $5.1 billion.
Small businesses contributed a net increase of 64,920 jobs from March 2021 to March 2022.
Between 1996 and 2020, small business employment grew by 9.9% in Minnesota and reached 1.3 million employees.