Latino-Owned Businesses: "Shining a Light on National Trends"
Article from The Federal Reserve Bank of New York Latino-owned businesses are growing in number and importance to the American economy. Contributing more than $700 billion in sales to the economy annually, they are also an important source of employment as sole proprietors and as firms with employees on payroll. The 2012 U.S. Census Survey of Business Owners estimated that Latino-owned firms have 2.3 million employees on payroll, a number that by several counts has grown since the survey’s release. One in four new businesses, traditionally key sources of new jobs, is now Latino-owned. Quite simply, small business growth is tied to the fortunes of Latino-owned businesses. Yet, research also shows that Latino-owned firms face significant growth barriers. Estimates from the Stanford Latino Entrepreneurship Initiative (SLEI) highlight that only three percent of Latinoowned businesses grow to $1,000,000 or more in annual revenues, compared to six percent of white-owned businesses