State sets records for new business filings

(The Center Square) – Mandates, restrictions and other challenges over the past year have not hurt the record growth of new businesses filings in Ohio, Secretary of State Frank LaRose said.

Ohio created a record 171,073 new businesses in 2020. According to a news release from LaRose, 16,025 new businesses were created in February, a 41% jump from January 2020.

“Despite the challenges of the pandemic, Ohio entrepreneurs continue to demonstrate great resilience and ingenuity,” LaRose said. “They are taking risks to build better lives for themselves and their families – and they are doing so in record numbers. Starting a business is a huge commitment, and I am proud that my office is able to play a role in supporting Ohioans as they take their first steps in this journey.”

Despite restrictions during the COVID-19 pandemic, 40,000 more new businesses opened last year than in 2019, which was the previous record year.

December’s increase in new businesses filings was particularly large, with a 51% increase in new businesses compared with 2019.

“We know that a large percentage of Ohioans work for small businesses, so there is nothing small about a small business,”

LaRose said. “These enterprises that are beginning today, maybe they are a sole proprietor right now, but maybe in a year they are going to need to hire somebody to bring in some extra help, and maybe next year they are going to have to hire a couple people more. So I think that’s the kind of thing that bodes well for the future.”

New business filings are filed with the Ohio secretary of state to declare the formation of a business.