Posted at 8:00 PM
The number of American Indian and Alaska Native owned businesses increased by 18 percent between 2002 and 2007 to 236,967 firms, according to data from the U.S. Census Bureau’s 2007 Survey of Business Owners. American Indian and Alaska Native owned businesses generated $34.4 billion in receipts in 2007, a 28 percent increase from 2002.
American Indian and Alaskan Native-owned firms grew in gross receipts, yet their paid employment decreased or remained stagnant at best. Only 10% of all American Indian and Alaskan Native-owned firms have employees. MBDA’s goal is to help firms in emerging industries and with the potential for size and scale grow as well as encourage job creation among these firms.
Minority-owned businesses are experiencing substantial growth. While the American Indian and Alaska Native adult population represented 1.5 percent of the U.S. adult population, their firms represented only 0.9% of Classifiable U.S. firms. The American Indian population had an estimated buying power of $64.7 billion in 2009, larger than the purchasing power of countries such as Kenya ($63.7 B), Burma ($57.5 B), Slovenia ($55.8 B), and Costa Rica ($48.5 B). It is important to note that the Survey of Business Owners data includes businesses owned by Native Americans but not tribally-owned businesses, which is a sizable share of the economic output of Indian Country.