A flood of startups

Portland is seeing more residents start their own businesses.

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Portlanders are opening new businesses despite the recession. In May alone, the city handed out 579 new licenses.

As layoffs mount in Portland, more folks are opening their own businesses – despite a brutal economic climate and a dearth of traditional startup money.

Last month, the city of Portland issued 579 new business licenses – triple the number of a year earlier. In the past 12 months, the city issued nearly 7,000 new business licenses – two-and-a-half times as many as in the prior 12 months.

New business formation picked up noticeably starting last September, just as the recession was taking hold here, the world financial system was tottering and corporate layoffs were announced almost daily.

Read the full article in The Portland Tribune.

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