ICYMI: Latino Entrepreneurship Surges Under the Biden-Harris Administration

As President Biden says, every time someone starts a new business, it's an act of hope and confidence in our economy. Under the President's leadership, we have seen a record 16 million business applications filed, and small business growth has been particularly strong among Latino entrepreneurs, with Latino business ownership up 40% since 2019.

That's thanks in part to the President's work to provide Latino entrepreneurs the resources they need to be successful, including increasing the total loan dollars to Latino-owned businesses by 80% since 2020. These historic investments build upon efforts across the Administration to uplift Latino communities: the lowest Latino unemployment rate on record—down from 8.5% when the president entered office, record low Latino child poverty rates, and a surge in Latino business creation.

Read more below:

The Wall Street Journal: Latinos Are Starting U.S. Businesses at a Torrid Pace
[Ruth Simon, 3/26/24]

Latin American immigrants are starting businesses at more than twice the rate of the U.S. population as a whole. The jump in Latino entrepreneurship has driven up the overall share of new businesses owned by immigrants, who accounted for 36% of launches last year compared with 25% in 2019, according to a new analysis of Census Bureau data.

Entrepreneurship activity of all types swelled in 2020 as Covid-19 left people with more time and different priorities, while changes in consumer behavior created business opportunities.

Axios: Immigrants and Latinos are most entrepreneurial in U.S., study finds
[Astrid Galvan, 3/28/24]

Between the lines: Latinos and other communities of color have long struggled to access capital at the same rates their white counterparts do. But the number of federally-backed loans to Latino-owned small businesses hit a record $3 billion in 2023, per the U.S. Small Business Administration, which says that number doubled in just two years.

• Latino-owned businesses of all sizes contribute $800 billion to the U.S. economy each year, according to the latest Stanford Latino Entrepreneurship report released Wednesday.
• The median growth rate for Latino businesses was 25% from 2019 to 2022, per the 2023 Stanford report. It was 9% for white non-Hispanic owned businesses.