Minnesota is home to 503,055 small businesses

The Office of Advocacy, an independent office within the Small Business Administration, released a report entitled Small Business Profiles for the States and Territories, an annual analysis of each state's small business activities. The profile includes information on the number of firms, employment, demographics and other topics using the most recently available government

"Every year the Office of Advocacy strives to produce a small business snapshot for Minnesota's entrepreneurs and policymakers," said Christine Kymn, chief economist and director of economic research. "We believe today's report illustrates the importance of Minnesota's small businesses and the vital role they play in Minnesota's economy."

Some highlights of the profile include:

• Minnesota is home to 503,055 small businesses,

• Minnesota's small businesses employ 1.2 million individuals.

• The three industries with the most small business employment include: health care and social assistance; manufacturing; and accommodation and food services.

• Small businesses made up 87.4 percent of the Minnesota's exporting companies generating 32.7 percent of the state's total known export value.

For a detailed report by state, please check out the report on the Office of Advocacy website at https://www.sba.gov/advocacy/small-business-profiles-states-and-territor... .

The Small Business State and Territory Profiles report on the economic status of small business from 2007 to 2014. The profiles are a reference tool for researchers, policymakers, and small entities who are interested in how small firms are performing regionally or nationally. Note this report generally defines small businesses as firms with fewer than 500 employees.