Minority-owned businesses are on the rise. Over the past twenty years the United States has seen steady growth in the number of businesses owned by minorities of all sorts.  The African-American, Hispanic, Asian, and Native American communities all saw significant surges in small business start-ups and growth during this period.

 
     As of 2022, there are an estimated 4.65 million Hispanic-owned businesses in the US, making them the fastest-growing segment of small businesses in the nation. According to the Stanford Latino Entrepreneurship Initiative (SLEI), a research and education collaboration between Stanford University and the Latino Business Action Network, over the last 10 years, the number of Latino-owned businesses in the US has grown 44% compared to just 4% for all others.

     “Latinos account for the largest minority group in the United States and are the second-fastest growing group in the nation,” says Marelyn Rivera, executive director of the Center for Hispanic Policy, Research and Development.

  

  Despite lingering racism and the uncertainty surrounding affirmative action, minority entrepreneurs have carved out significant business niches for themselves across the nation. In 2002, there were 1.2 million firms owned by African Americans in the U.S., employing more than 756,000 people. The 1.2 million black-owned firms generated nearly $89 billion in revenues and accounted for 5.2 percent of all U.S. nonfarm businesses.

 

   Launching and running a business is tough under any circumstances. Yet Native American entrepreneurs have long confronted additional barriers to startup success, including a lack of financing, geographic isolation and deeply ingrained discrimination. That said, Native American entrepreneurship is on the rise, particularly among those in midlife.  Firms owned by Native Americans and Alaska Natives grew by 15% from 2007 to 2012, according to the Small Business Administration (the most recent figures available).  According to the U.S. Census Bureau, there were an estimated 29,089 American Indian and Alaska Native-owned businesses in the U.S. in 2016.

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(Note:  These are great statistics for affiliate marketing to these Communities.)