Tucson News NowArizona ranks last in small business ownership

Arizona ranks last in small business ownership

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By James Bennett - email
TUCSON, AZ (Tucson News Now) -

Arizonans rank near the bottom in financial security, a newly released, major study by the Washington-based Corporation for Enterprise Development says.

The state ranks 44th overall based on factors such as high debt load, lack of savings and assets and personal bankruptcies.

It was dead last in small business ownership rate, or the number of workers in the state owning their own business (1.19 percent).

Arizona was second to last in the percentage of borrowers 90 days late (5.1 percent) and 44th in bankruptcy rate per 1,000 residents (6.4 percent).

The average Arizonan has $12,347 in credit card debt, ranking it 44th among the 50 states and the District of Columbia.

Arizonans households' average net worth of $38,618 fell far below the national average of $70,600.

"There are many policies that Arizona could enact to improve its climate for asset building and preservation," the report says.

Improve Financial Stability: "To address high rates of bankruptcy and consumer debt, Arizona should help families stabilize their finances by enacting tax credits for working families – the Earned Income Tax Credit, the Child Tax Credit, and the Child and Dependent Care Tax Credit."

Create Jobs Through Self-Employment: "To reduce high rates of underemployment and encourage small business ownership, particularly for people of color, Arizona should fund organizations that provide technical assistance and loans to microenterprises."

Increase College Attainment: "To increase college attainment rates and reduce racial disparities, Arizona should create incentives for college savings by matching deposits into 529 accounts."

Read the complete study at http://scorecard.assetsandopportunity.org/2012/state/az

Copyright 2012 Tucson News Now. All rights reserved.

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