There’s no debate that small business is driving the economic recovery of the nation but a new report in time for National Small Business week, and commissioned by American Express OPEN, titled 2014 State of Women-Owned Businesses Report, shows that businesswomen of color are doing their fair share of helping the economy.
According to the report, women are starting 1,288 (net) new businesses per day. Latinas, African Americans and Asian women are increasingly opening their own businesses in numbers outpacing that of all women-owned firms. African American women lead the way opening an estimated 1,237,900 businesses as of 2014.
From 1997 to 2014, the number of firms owned by women of color skyrocketed 216% from just under one million to an estimated 2,934,500 (compared to 68% for all women-owned firms in the same period). Businesses owned by women of color jumped from one-in-six (17%) of all women-owned firms to one-in-three (32%) in the same time period. Growth in employment (85%) and revenues (168%) of firms owned by women of color topped growth rates of all women-owned firms (10% and 63% respectively) by wide margins.
Latina entrepreneurs come in second with an estimated 1,033,100 businesses as of 2014. However, Latina-owned businesses generate $71.1 billion in revenue and employ over 400,000 workers, in addition to the owner, compared to African American women-founded businesses that generate $49.5 billion in revenue and employ more than 287,000 workers in addition to the owner.
It’s no surprise that the top three states having the most Latina-owned businesses are the same states that rank as the top three, identified by the U.S. Census, as being home…
To read full story: http://latinalista.com/2014/05/latina-entrepreneurship-rising-rising
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