Latino, Black Entrepreneurs Grow in US but Lack Access to Business Connections: Report

Bloomberg Línea — Although 62% of Latino and Black business owners in U.S. report increases in their income, only a third of them have opportunities for business collaboration, according to an EY survey.

EY reports that despite persistent systemic barriers and various external challenges, Latino and Black entrepreneurs continue to report positive revenue.

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However, only 34% of those interviewed by EY reported having received “business collaboration offers” so far this year, compared to 50% who said they had received them in 2021.

According to Lee Henderson, EY private leader and executive sponsor of the EY Entrepreneur Access Network, “We must shift away from attention and move into action to support their businesses as consumers and investors.”

The consulting firm hired Wakefield Research to conduct interviews with 250 Latino and African-American entrepreneurs in the U.S. with businesses with revenues ranging from $2 million to $25 million.

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Some highlights from EY’s survey of Latino and African-American entrepreneurs:

• About 97% of entrepreneurs are receiving at least the same amount of attention as they did one year ago, and more than two-thirds (68%) say they are receiving more attention in 2022 than 2021.
• More than two in five (43%) entrepreneurs surveyed see supply chain shortages and delays as a top threat, followed by business competition (39%) and access to capital (38%).
• Just one in four (27%) say attracting and retaining talent is a top threat, despite the historically tight labor market.