Hispanic-Owned Businesses in the U.S.: Impact, Growth, and Opportunities
Impact
4.5 million businesses
Hispanics own more than 4.5 million businesses in the United States, a number that underscores the growing influence and entrepreneurial spirit within the Hispanic community.
$800 billion
Hispanic businesses contribute substantially to the American economy, with an annual contribution of more than $800 billion.
2.9 million people
Hispanic-owned businesses employ over 2.9 million people, highlighting their role not just in wealth creation but also in job creation.
1 in 4 new businesses
The data indicates a positive trend in the growth and impact of Hispanic-owned businesses. Nearly one in four new businesses is Hispanic-owned, demonstrating their increasing role in the U.S. business landscape.
Challenges
Financing
Access to financing remains a vital concern for Hispanic business owners. According to recent statistics, 89% were planning to obtain financing, with business credit cards (57%), personal savings (46%), and traditional bank loans (31%) being the primary sources.
Representation
Hispanic-owned companies represent a significant portion (about 33%) of all minority-owned employer firms in the U.S. However, they face challenges like difficulty in securing financing and adapting to market changes.
Growth & Optimism
Despite challenges, many Hispanic business owners are optimistic about their prospects. In 2023, 63% expected their revenue to increase, though this is a slight decrease from the previous year. Additionally, 51% planned to expand, and 43% intended to hire more employees.
Support & Resources
Various resources are available for Hispanic entrepreneurs. These resources offer support ranging from business mentoring to financial assistance.
Click on the logos below to learn more about each organization.
