The Growing Potential of the Hispanic Small Business Economy

Source: PNC Insights

September 22, 2023

Backed by a culture of resilience and drive, U.S. Hispanic businesses generate $800 billion+ annually. Here are some key issues their leaders face.

Latino entrepreneurs account for 82% of new business startups in the U.S. today, with Latino companies opening at three times the rate of businesses overall, according to the U.S. Hispanic Chamber of Commerce (USHCC). In total, the Hispanic business community comprises more than 5 million companies.

Though these businesses generate a sizable $800 billion annually for the national economy, they have the potential to generate much more. Specifically, says the USHCC, if Latino businesses were to match the sales of the average non-Latino business, the U.S. economy would stand to gain a $1.5 trillion boost.

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