LOBs outpaced White-owned firms across every major metric.
Source: Stanford 2025 SOLE Report · U.S. Census Annual Business Survey · Red bars = negative growth
Growth by Metric: Side-by-Side
Absolute Numbers: What the Growth Means
Six forces reshaping American business
The 2025 SOLE Report documents a business community expanding rapidly across industries, geographies, and growth strategies — while facing persistent structural barriers.
Fastest-Growing Business Segment
Latino-owned businesses added 180K net new firms (+48%) from 2017–2023 while White-owned businesses lost 140K firms (−3%). LOBs outpaced White-owned businesses in every major metric: revenue, employment, and firm creation.
$2.1 Trillion Opportunity
If Latino-owned businesses generated revenue at parity with White-owned firms (~$3.8M per firm), an estimated $2.1 trillion could be added to the U.S. economy — a 6.7% increase in GDP. Currently, the average LOB generates $1.5M vs. $3.5M for White-owned businesses.
Community-Driven Entrepreneurs
17% of Latino-owned businesses start out of commitment to their community vs. 12% of White-owned. LOBs are also more likely to emphasize employee well-being (13% vs. 7%) and high-quality customer experience (14% vs. 4%).
Global by Default
49% of Latino-owned businesses operate internationally vs. 42% of White-owned. LOBs enter international markets earlier in their lifecycle, with profit margins comparable to White-owned businesses.
Tech-Centric and AI-Ready
26% of Latino-owned businesses are tech-centric (vs. 20% White-owned), up 7 points since 2021. 70% of tech LOBs have adopted AI, and they generate profit margins comparable to White-owned firms despite being younger.
Persistent Capital Gap
Latino-owned businesses requesting $1M+ in funding are about half as likely as White-owned to receive full funding (22% vs. 45%). Pre-seed/seed VC participation fell 79% from peak levels.
Explore the full report findings
Select a section to dive into the data. All charts are drawn directly from the 2025 Stanford SOLE Report. Negative values and declining trends are shown in red.
From 2017 to 2023, Latino-owned businesses added 180K firms (+48%) and 976K jobs (+29%), while White-owned businesses lost 140K firms (−3%) and added only 658K jobs (+1%). LOBs added more net new firms and jobs than businesses owned by any other major racial/ethnic group.
- +48% LOB firm growth vs. −3% White-owned
- +68% LOB revenue growth vs. +45% White-owned
- +29% LOB job growth vs. +1% White-owned
Top 4 states · 2017–2023 · Red = decline
Key questions from the report
The data is clear. The infrastructure to act on it exists.
The 553,000 Latino-owned employer businesses documented in this report represent fleet buyers, executive vehicle purchasers, and multi-unit decision-makers. The $832B in annual revenue they generate is the market most automotive brands are systematically failing to reach.