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As Growth in New Business Creation Slows in Ohio, LaRose Calls on Washington to Take on Spiking Inflation That's Discouraging Entrepreneurs

COLUMBUS – Today, Ohio Secretary of State Frank LaRose announced 15,488 new business filings in April 2022, a 20% decrease from the previous month and a 30% decrease from April 2021.

As inflation continues to rise to record levels throughout the nation, small business optimism has reached an all-time low. In fact, the NFIB National April Small Business Optimism Index reached the lowest point in the survey’s 48-year history, citing inflation as a major problem facing small businesses. In the same survey, 70% of respondents said they had to increase their prices just to survive. Another survey conducted in March by Veem found that one quarter of small businesses sampled are concerned about whether their business will survive amid inflation.

“We’ve seen working Ohioans continue to pay the price for the current administration’s lack of leadership in reining in record high inflation,” said LaRose. “Now, it’s Ohio small businesses who are left to suffer. The time for political games is over. It’s time for action. My message to Ohio entrepreneurs -- I will continue to fight the bureaucratic incompetence in Washington and work with our legislative leaders to ensure the Buckeye State remains the destination state for starting a new business.”

Over the last three years, Secretary LaRose helped tear down barriers to business creation by eliminating unnecessary bureaucratic hurdles for entrepreneurs. By streamlining certifications for minority, women, and veteran-owned businesses and modernizing how limited liability companies (LLCs) are incorporated in Ohio, the state continues to work to help entrepreneurs and job creators prosper.

Establishing a new business in Ohio has become increasingly quick, easy, and inexpensive through the Ohio Secretary of State’s Ohio Business Central website, OhioBusinessCentral.gov. Ohio’s business-friendly climate and the array of resources available to Ohio entrepreneurs has helped Ohio maintain its economic momentum year after year.

QUICK FACTS:

  • 15,488 new businesses were created in Ohio in April 2022, a 20% decrease from the previous month and a 30% decrease from April 2021

  • 65,884 new businesses have been created in 2022 so far, averaging 16,471 per month

  • 2019, 2020, and 2021 were all record-setting years in Ohio for new business creation. At the same point in 2021, Ohio surpassed the single month filing record with 22,176 new business filings

  • Ohio entrepreneurs can visit OhioSoS.gov/BusinessResources to discover the helpful opportunities available to them that can help them start and grow their business

NOTE: New business filings are classified as forms filed with the Ohio Secretary of State that declare the formation of a business entity, including for-profit, non-profit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations, be profitable or create jobs.

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Rob Nichols
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