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Resources to help grow
Over half the entrepreneurs pointed to having a network of trusted vendors and partners (56%) and access to a mentor (53%) as key resources that would help them grow their business. These entrepreneurs see greater awareness of Black and Latino business owners in the community (55%) and a formal mentorship program with Black and Latino business owners (55%) as vital for supporting the next generation of Black and Latino business owners as well.
Established Black and Latino entrepreneurs unquestionably faced the brunt of the COVID-19 pandemic’s negative economic impact, but those that were more firmly entrenched not only survived but thrived. In fact, 73% of established Black and Latino entrepreneurs experienced moderate to significant revenue growth over the past year. Only 10% lost revenue. By their own accounts, last year was a success by most measures. Nearly 9 in 10 (88%) report their company’s performance this past year met or exceeded their expectations.
Buoyed by their results in the midst of the extenuating circumstances, established Black and Latino entrepreneurs are optimistic about the future. More than 3 in 4 (77%) of these entrepreneurs anticipate additional growth in 2022 compared to 2021. This growth could allow them to focus on opportunities to achieve long-term sustainability and build generational wealth.