This is the eighth annual State of Latino Entrepreneurship report collecting data from Latino-owned businesses, the fastest growing segment of the U.S. business population. This year, we administered a national survey to more than 10,000 U.S. business owners. The survey respondent pool consisted of 5,011 Latino-owned employer businesses and 5,017 non-Hispanic White-owned employer businesses, which served as a benchmark comparison group. All the companies sampled generated at least $10,000 in annual revenue and had one employee beyond the owner. Our comparative analysis provides a detailed understanding of the present challenges and opportunities that Latino-owned employer businesses face in the United States.
This report highlights some of the most pressing post-pandemic issues facing American businesses during a period of economic uncertainty. We explore the decreasing proportion of businesses seeking funding and financing across the most popular sources of funding, including national bank loans. We also analyze the proportion and substance of corporate and government contracts that Latino- and White-owned businesses secured in 2022. Additionally, we assess the effects of the Great Resignation in the post-pandemic economy. The findings of this report are presented in the context of broader national trends as we weighted our sample to be as nationally representative as possible.
To inform data-driven policy and programs, the 2022 State of Latino Entrepreneurship report provides organizations that support businesses (e.g., chambers of commerce, trade associations, economic development associations, etc.), think tanks, governmental policymakers, and corporations, with insights into the business outcomes of Latino-owned businesses. Additionally, we hope that Latino business owners will leverage these data to inform their own business decision-making and operations. We acknowledge that while the COVID-19 pandemic is no longer considered a public health emergency, business owners continue to operate in uncertain and unprecedented times, and we would like to thank those who contributed their time and data.