Who's Fueling Small Business?

Owning a small business is America's most powerful economic engine. Much of that engine's fuel is being ignited by minority and women-owned businesses, which have been growing at an unprecedented rate. Hispanics in the U.S., for example are opening businesses at a rate that is three times as fast as the national average, according to a U.S. Census Bureau report released in March.

While Asians are the largest percentage of minority business owners in terms of number of businesses and employees, the Washington Post reports that Hispanics and African Americans are starting businesses at a faster rate.

And female entrepreneurs currently operate 9.1 million businesses in this country, employing 27.5 million people, and contributing $3.6 trillion to the economy.

Minority and women-owned businesses have greater obstacles in leveling the playing field, in order to compete with larger, more entrenched firms.

Fortunately, there are resources available to help. With Wachovia, you'll find tips and tools to help you start your new venture, and nurture your small business as it grows. The Small Business section of our website is dedicated to the tools, services, and resources you need to start or grow your business. We offer practical guides to help you manage your finances and retain your employees, and develop retirement plans. Our banking center can help you explore ways to simplify your finances. In our resource center, you'll find a wide range of articles and tips to help save you money and keep you up-to-date.

If your small business is at least 51% owned and operated by women or minorities, it could be worth your while to investigate programs created to assist you in winning government contracts. The federal Small Business Administration (SBA) has information and resources to help you access these programs.

SCORE is a non-profit association that taps into a network of 10,500 volunteers who are retired or working executives. It provides small-business owners with free and confidential advice.

Many entrepreneurs, consumed with running a business venture, find themselves burdened with financial details that take up time better spent elsewhere. That's why we offer many products and services to help you manage your finances and ensure the success of your growing business. Since many of these services are available online, you can take care of business whenever and wherever it is most convenient for you.

Spend your time building your business, and let us help you manage your finances.