The 9th annual State of Latino Entrepreneurship (SOLE) research report, a collaboration between the Latino Business Action Network (LBAN) and the Stanford Graduate School of Business (GSB), unveils the latest trends in Latino entrepreneurship across the United States. Presented at the 2024 State of Latino Entrepreneurship (SOLE) Summit, the report offers valuable insights into the economic contributions of Latino-owned businesses and the persistent challenges they face.
Highlighting the dynamic nature of Latino entrepreneurship, the research underscores the rapid growth of Latino-owned businesses compared to their white-owned counterparts. With over 5 million firms generating $800 billion in revenue, Latino-owned businesses represent a significant opportunity for the U.S. economy. Remarkably, the number of Latino-owned businesses has surged at a rate 10 times faster than that of white-owned businesses, with a notable 57% growth observed between 2007 and 2022.
Beyond mere numbers, Latino entrepreneurs are driving higher revenue growth rates and job creation, outpacing white-owned businesses in both aspects. The annual payroll of Latino-owned businesses witnessed a remarkable 123% increase between 2007 and 2022, highlighting their substantial contribution to job creation and economic prosperity.
Despite these promising statistics, Latino entrepreneurs continue to confront systemic biases that impede their growth potential. Fair access to capital and contracts remains a pressing issue, with the removal of such barriers holding the key to unlocking trillions of dollars in additional economic growth for the U.S. economy.
LBAN’s mission to cultivate an inclusive ecosystem for Latino entrepreneurs lies at the heart of their commitment to fostering economic empowerment and equitable opportunities. The State of Latino Entrepreneurship Summit serves as a testament to this dedication, bringing together over 1,000 stakeholders—from business owners to policymakers, capital providers, elected officials, students, and ecosystem builders—to catalyze collaboration and foster meaningful connections within the Latino entrepreneurial community.
