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Contact:
AEO Communications
Association for Enterprise Opportunity (AEO)
New AEO Fact Sheet Offers Key Insights into Latino-Owned Businesses
Washington, D.C., October 3, 2024 – As the nation commemorates Hispanic Heritage Month this month, the Association for Enterprise Opportunity (AEO) celebrates the essential contributions of Latino entrepreneurs to the U.S. business landscape with the release of its 2024 Latino-Owned Business Fact Sheet.
Download the Latino Business Ownership Fact Sheet here.
From innovative startups and transnational enterprises to thriving community businesses, Latino-owned businesses play a pivotal role in driving economic growth and creating quality jobs. Latino entrepreneurs represent approximately 20% of all business owners in the U.S., contributing more than $767 billion to the national economy. Nationally representative survey data from 2023 show that there are around 7.4 million Latino business owners in the country, with U.S. Census Bureau data revealing that the number of Latino-owned businesses has grown by over 46% since 2012, significantly outpacing the overall business growth of 19%.
“During Hispanic Heritage Month, we honor the resilience and creativity of Latino entrepreneurs who continue to make remarkable strides despite facing various challenges,” said Natalie Madeira Cofield, President and CEO of the Association for Enterprise Opportunity. “Latino entrepreneurs not only create jobs but also enhance the economic mobility of underserved communities across the U.S.”
Despite significant contributions, Latino-owned businesses face unique barriers, particularly limited access to capital. Recent findings indicate that while Latino entrepreneurs often require credit for growth and sustainability, Latino businesses are more likely to be denied financing than other businesses. Additionally, Latino business owners report greater difficulties in accessing support, advice, and resources. These disparities underscore the need for targeted assistance and resources to enable and empower Latino communities to grow and prosper.
“Commemorating Hispanic Heritage Month provides a meaningful opportunity to spotlight Hispanic-owned businesses and the critical need for support, particularly in accessing financial resources,” said Renée Johnson, Senior Director of Regional and Ecosystem Councils at AEO. “Ensuring that all small businesses within the community have access to the necessary resources is essential for fostering growth, inclusion, and continued contributions to the vibrancy of our shared communities.”
To mark this celebration, AEO will host a significant virtual event titled “Empowering Hispanic and Latino Entrepreneurs: Celebrating Achievements and Future Opportunities” as part of its “Equity and Opportunity for All” series. The webinar will feature a research presentation and an expert panel of leaders from various sectors, taking place on October 3, 2024, at 3PM EST. Join us for a meaningful dialogue aimed at identifying actionable solutions to drive progress for Latino entrepreneurs.
Click here to RSVP: https://us06web.zoom.us/webinar/register/WN_6Zx9GCZ8ScehokLVRRBu3g
To further engage in this discussion, share your insights and ideas with our research team at [email protected].
About the Association for Enterprise Opportunity (AEO):
The Association for Enterprise Opportunity (AEO) is the leading voice of innovation in microbusiness and microfinance in the United States. AEO and its more than 1,700 member organizations are dedicated to empowering underserved entrepreneurs and enhancing economic opportunity for all. Since its founding, AEO has worked to create a robust ecosystem of support for micro-businesses, driving economic growth and equity across the nation. Click here for more information.