Latino-owned businesses seeing record growth despite racial disparities in lending
and last updated 2021-02-18 14:32:35-05
New research is showing racial bias in banking, particularly toward the fastest growing group of small business owners in the United States: Latinos.
Data collected by the Stanford Latino Entrepreneurship Initiative shows Latino business ownership grew 34% over last 10 years compared to 1% growth from all other business owners.
In addition, Latino businesses grew revenue at a faster rate and Stanford Universityâs research shows the growth is seen in all sectors, not just the service sector. Even more, the trend has been tracked across the U.S. in 45 out of the 50 US states.