We've said it before: if California was a nation, it would have the fifth-largest GDP among world economies.

Now, thanks to a new report from California's Office of the Small Business Advocate (CalOSBA), we can tell you that if California's minority-owned small businesses were a state, they'd have an annual GDP that exceeds the GDP in 18 of the 50 U.S. states.

CalOSBA's State of Diverse Small Businesses in California is its first report on the statewide impact of minority-owned businesses, with a focus on Asian, Hispanic, Black and Native American small businesses.

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