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As Economic Instability Continues to Stifle New Business Creation, LaRose Promotes Business Resources

COLUMBUS – Ohio Secretary of State Frank LaRose announced 12,790 new business filings in July 2022, the lowest point of growth in the last six months. This is a 16% decrease from July 2021 and a 12% decrease from June 2022.

This month, the National Federation of Independent Businesses (NFIB) Small Business Optimism Index reached its sixth consecutive month below the 48-year average. According to their most recent survey, inflation continues to be the number one issue facing small businesses.

“Each month that goes by with economic instability, entrepreneurs lose more faith,” said LaRose. “Although Washington continues to send a message that they are not interested in supporting small businesses, Ohio will continue to break down barriers to innovation and economic freedom. We will never abandon our entrepreneurs.”

Through streamlining certifications for minority, women, and veteran-owned businesses and modernizing the process for limited liability companies (LLCs) to incorporate in Ohio, Secretary LaRose continues to work to simplify the process for starting a business in Ohio.

Over the past three years, Secretary LaRose has also expanded the Ohio Business Resource Connection, a compilation of private and public resources available to assist businesses. The Secretary has held dozens of roundtables throughout the state with community, legislative and business leaders to spread the word about the resources available for entrepreneurs looking to grow their businesses.

QUICK FACTS:

  • 12,790 new business filings in July 2022, a 16% decrease from July 2021 and a 12% decrease from June 2022.
  • 107,859 new businesses have been created in 2022 so far, averaging 15,408 per month.
  • 2019, 2020, and 2021 were all record-setting years in Ohio for new business creation. In 2021, Ohio surpassed the annual filing record with 197,010 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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