As New Business Growth Slows in Ohio, LaRose Urges Washington to Tackle Soaring Inflation Discouraging Entrepreneurs

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

As inflation continues to hit record highs across the country, small business optimism has hit an all-time high. In fact, the NFIB April National Small Business Optimism Index hit 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 raise their prices just to survive. Another survey conducted in March by Veem found that a quarter of small businesses in the sample worry about whether their business will survive in the midst of inflation.

“We’ve seen workers in Ohio continue to pay the price for the current administration’s lack of leadership in bringing record inflation under control,” LaRose said. “Now it’s small businesses in Ohio that are hurting. The time for political games is over. It’s time to act. My message to entrepreneurs in Ohio – I will continue to fight bureaucratic incompetence in Washington and work with our legislative leaders to ensure Buckeye State remains the destination state to start a new business.

Over the past three years, Secretary LaRose has helped break down barriers to starting a business by removing unnecessary bureaucratic hurdles for entrepreneurs. By streamlining certifications for minority, women, and veteran-owned businesses and modernizing the way limited liability companies (LLCs) are incorporated in Ohio, the state continues to work to help entrepreneurs and business creators to thrive.

Establishing a new business in Ohio just got quicker, easier and more inexpensive thanks to the Ohio Secretary of State’s Ohio Business Central website, OhioBusinessCentral.gov. Ohio’s business-friendly climate and range of resources available to Ohio entrepreneurs have helped Ohio maintain its economic momentum year after year.

FAST FACTS:

  • 15,488 new businesses were started in Ohio in April 2022, down 20% from the previous month and down 30% from April 2021
  • 65,884 new businesses were created in 2022 so far, an average of 16,471 per month
  • 2019, 2020, and 2021 have all been record years in Ohio for new business start-ups. At the same time in 2021, Ohio surpassed the one-month filing record with 22,176 new business filings.
  • Ohio entrepreneurs can visit OhioSoS.gov/BusinessResources to discover useful opportunities available to them that can help them start and grow their business

NOTE: New business documents 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, corporations, limited liability, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee that the business will begin operations, be profitable, or create jobs.

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