In Maine, small businesses are just as vital to the culture as to the economy. According to the United States Census Bureau, Maine’s private sector employed more than half of the state’s workforce in 2021.
According to small business owners, some of the most enticing aspects of the Pine Tree State include rational legislation, fair access to working capital, and a solid community.
Maine’s Small Business Statistics
Maine’s small companies comprise 99.2% of the state’s private enterprises.
- Small firms employ 56.8% of all Maine workers.
- Maine’s small enterprises exported 1.3 billion dollars worth of goods in 2019.
- 9% of employees and 9.6% of small company owners are veterans.
- 2 percent of small firms are women-owned and employ 48.6 percent of their workforce.
- 3% of small company owners are members of underrepresented ethnic groups.
- A net gain of 211 companies opened and closed in Maine between March 2019 and March 2020.
How Many Small Businesses Do You Have in Maine?
It is unusual for a state with few residents to have more than 149,000 registered small-business owners (45th most populous). The overall number of small companies in Maine is 0.47 percent of the total number of enterprises in the United States. Individuals own nearly one-third of all enterprises in the United States. Over the past few years, the number of small enterprises in Maine has steadily increased.
- There were 144,002 small enterprises in 2017 and 145,536 in 2018, an increase of 145,536 (1.06 percent increase).
- More than 1,734 small enterprises were added to the state’s tally in 2019 compared to 2018. (1.19 percent increase).
- Maine’s small business population increased to 149,355 in 2020 from 149,355 in 2019. Over the previous five years, Maine has seen the second-largest percentage growth in percentage terms (1.41 percent).
As a result of its proximity to consumer markets, excellent support networks and processes, and easily available finance, Maine has a lot to offer small enterprises and prospective company owners from all over the world.
Small Business Statistics in Maine
1. What qualifies as a Maine small business?
As defined by the US Small Business Administration (SBA), the number of workers and yearly revenues are considered when determining a small business. Depending on the size of the firm and the kind of incorporation, a partnership, sole proprietorship, or privately owned corporation can be formed. Compared to larger corporations, it is less profitable and employs fewer people (under 500).
2. How Many People Work for Maine’s Small Businesses?
Small enterprises in Maine employ over 293,313 people on the state’s lower east coast. That works out to 56.8% of the state’s workforce. At $12.15 an hour, Maine’s minimum wage is nearly $5 above the federal minimum of $7.25.
Tipped employees are entitled to an hourly wage of $6.08, which their employers might deduct from their paychecks. Tips and cash wages must total at least $12.15 for an employee.
3. Easily Accessible Capital
Traditional financing choices might make it difficult for a startup company to get its money. A large majority of entrepreneurs in Maine, on the other hand, said that they had no trouble securing the startup capital they needed, blaming this on Maine’s strong network of community banks, angel investors, and grants.
Benjamin Goldman, the owner of the farm-to-table restaurant The Velveteen Habit, tells Business News Daily that a local bank was more eager to work with him than some larger, corporate-owned institutions.
Collaborative and Supportive Communities
Small companies benefit greatly from a community that actively supports and patronizes the businesses of its neighbors. According to the business people we spoke with, Maine has a lot of that.
Maine is like a statewide return to the days of small-town Americana, with a demand for local goods and services and a particular interest in who the person behind the counter is. Nancy Marshall, owner of the public relations business Nancy Marshall Communications, likened Maine to a large little town. Marshall