Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates more than $6,937.00 million dollars and an additional local government fund of $5.598.00 million dollars into the business sector annually since small businesses and large corporations are the backbone of economic growth in Arkansas. The state of Arkansas has 51,425 businesses, they are broken down into the following:
Arkansas Business Sector Breakdown by Size:
- 29,368 registered businesses in Arkansas have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 9,377 registered businesses in Arkansas have 5 to 9 employees.
- 5,430 registered businesses in Arkansas have 10-19 employees.
- 4,422 registered businesses in Arkansas have 20-99 employees.
- 1,156 registered businesses in Arkansas have 100 to 499 employees.
- Over 1,672 registered businesses in Arkansas have over 500 employees.
Arkansas Business Sector Breakdown in Service Industries:
- 5,788 registered businesses in Arkansas are in the Professional, Scientific and Technical Services sector.
- 2,502 registered businesses in Arkansas are part of the Administrative, Support, Waste Management, and Remediation Services sector.
- 5,178 registered businesses in Arkansas belong in the Accommodation and Food Services sector.
- More than 6,659 registered businesses in Arkansas are also service orientated businesses but are not categorized to the above sectors.
You may also be eligible for grants for small businesses if you work in the agriculture industry. The state of Arkansas has more than 49,000 farms.
Small Businesses in Arkansas
It is difficult to start and manage a small business in Arkansas. The state spends more than $33,065,154,000.00 US dollars on employee salaries/payroll, and every year, over 16,874 companies declare bankruptcy. The federal government doesn’t provide grants to entrepreneurs for expanding or starting a business. However, small business grants can be granted in Arkansas to help business owners start and grow their ventures. Additionally, grant recipients don’t have to repay the grant funding. Therefore, it is worth looking into small business grants to help fund your business.
Contact Arkansas financial assistance agencies to apply for Arkansas business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: