Queens: The Rise of Latino-Owned Businesses 2023-2025
📈 Growth of Hispanic/Latino-Owned Businesses in Queens (2023–2025)
A Thriving Economic Force in Our Borough
Queens, known for its rich cultural diversity, has witnessed a significant surge in Hispanic and Latino entrepreneurship over the past few years. This growth not only reflects the resilience and ambition of our Latino community but also underscores their pivotal role in driving the borough’s economic vitality.
🚀 Key Growth Highlights
- National Expansion: Between 2018 and 2023, Latino-owned businesses in the U.S. increased by 44%, while white-owned businesses saw a slight decline. Stanford News+1GBH+1
- Revenue Growth: In 2022–2023, average annual revenue for Latino-owned businesses rose by 23.1%, from $488,827 to $601,636. GlobeNewswire+1Forbes+1
- Employment Impact: As of 2022, Hispanic-owned businesses employed nearly 3 million workers nationwide, highlighting their role in job creation. Office of Advocacy
- Business Longevity: The average age of Latino-owned businesses increased from 4.5 years in 2022–2023 to 5.3 years in 2023–2024, indicating greater stability and sustainability. Forbes
🌍 Queens: A Hub for Latino Entrepreneurship
With Hispanics or Latinos comprising 28.1% of Queens’ population, the borough serves as a fertile ground for Latino-owned businesses. Initiatives like the Immigrant Business Initiative have been instrumental in providing culturally sensitive tools and resources, enabling these businesses to thrive. Census.govQueens Latino
💡 Challenges and Opportunities
Despite impressive growth, Latino entrepreneurs often face hurdles such as limited access to capital and resources. Studies indicate that only 21% of Latino entrepreneurs receive full funding for their ventures, compared to 40% of white entrepreneurs. Addressing these disparities is crucial for sustaining and accelerating the growth trajectory of Latino-owned businesses in Queens.Stanford News
🤝 Join the Movement
The Hispanic Chamber of Commerce of Queens is dedicated to supporting and advocating for Latino entrepreneurs. Through resources, mentorship, and networking opportunities, we aim to empower businesses to reach new heights.
Sources:
- Stanford Graduate School of Business – State of Latino Entrepreneurship Report GBH+1Stanford News+1
- Biz2Credit Latino-Owned Business Study Latino Chamber+4GlobeNewswire+4Forbes+4
- U.S. Small Business Administration – Hispanic Ownership Statistics Office of Advocacy+1Small Business Administration+1
- Queens Latino – Immigrant Business Initiative Queens Latino
