In its 11th year, the State of Latino Entrepreneurship (SOLE) Report examines the experiences, strategies, and operating conditions of Latino/a-owned businesses across the country. Drawing on data from the 2025 SLEI Survey of U.S. Business Owners, the report identifies key trends shaping today’s entrepreneurial landscape, including comparisons with White-owned firms. Based on input from more than 10,000 employer firms (defined as businesses with at least one paid employee beyond the owner), this report provides data-driven insights into similarities and differences in firms’ experiences, access to resources, and growth aspirations. It marks the first time the analysis integrates quantitative data and qualitative insights at this scale.
The 2025 SOLE Report expands beyond traditional lending sources to incorporate venture capital alongside bank- and credit-based financing. This reflects the evolving profile of Latino-owned businesses, including a growing presence in technology-centric sectors, where 26% of survey respondents operate. To capture these dynamics, the report integrates survey-based analysis with external venture capital data from PitchBook, offering a more comprehensive view of how Latino-owned businesses navigate financing across stages of growth.
In this report, we explore trends related to business outcomes and challenges, as well as the resilience of the Latino business segment. Key themes include:
- U.S. economic impact of Latino firms on revenue, jobs, and firm creation, including analysis of the most populous states
- Trends in business outcomes for larger (over $1M revenue) and smaller firms
- Insights into business challenges cited by Latino- and White-owned firms
- Funding realities for Latino-owned firms in both lending and venture capital financing
This report situates survey findings within the broader U.S. business landscape, weighting results using U.S. Census Bureau, Annual Business Survey benchmarks to enhance comparability with national firm characteristics. Drawing on more than a decade of progress, it underscores the expanding economic influence of Latino/a entrepreneurs and their vital, sustained contributions to the nation’s economic future, reflected in their scale, innovation, and international reach. Details on sampling and measures, and terminology are provided in a separately linked Addendum for further context. References are included in the Appendix.