SBA Report: Iranians with one of highest rates of immigrant-owned businesses

November 13, 2008, Washington, D.C. – The Small Business Administration (SBA) recently conducted a study that found Iranian immigrants among the top 20 immigrant groups with the highest rate of business ownership, contributing substantially to the U.S. economy.

According to the report, there are 33,570 active and contributing Iranian American business owners in the U.S., with an astounding 21.5% business ownership rate. The study also found that the total net business income generated by Iranian Americans is $2,559,450,000.

Overall, the SBA report demonstrates the importance of immigrant business owners’ involvement and contribution to the U.S. economy. Immigrant business owners make significant contributions to business income, generating $67 billion of the $577 billion in U.S. business income. According to SBA’s report, immigrants are 30 percent more likely to start businesses each month than are non-immigrants. Mexicans represent the largest number of immigrant business owners, while Greeks, Koreans, and Iranians have the highest ownership rates.

The report was released at a panel discussion jointly organized by the Minority Business Development Agency of the U.S. Department of Commerce and the SBA Office of Advocacy.

The Office of Advocacy, the “small business watchdog” of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President.

Click here to read the SBA Report.