Dr. Elsa Macias gave us key findings from the latest installment of HOPE's signature Economic Status of Latinas report series. The report showcases first-hand experiences of Latina microbusiness owners from across California through original focus group research. The findings show that while Latina entrepreneurs are a key economic engine for the state, public and corporate actors must provide better support for Latina small businesses to reach their full potential and close the annual revenue gap between Latina-owned businesses and all women-owned firms.
Despite generating over $19 billion in revenues and employing over 86,000 individuals in California in 2016, Latina-owned business are generally smaller than the national average, generating less revenue and with fewer employees on average than most other women-owned businesses. The individual Latina-owned business generates nationally, an average of only $51,400 annually, considerably less than the average for all women-owned businesses combined which generate $143,100 annually.
Through primary focus group research and a review of demographic and economic trends, the report sets out to ignite a dialogue with policymakers and stakeholders on the public and corporate policies that can be implemented to foster the economic health of Latinas microbusinesses to benefit all communities, the state and the nation.