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The Latino community in the U.S. is not only a vital labor force but also a formidable economic engine. In 2023, the Gross Domestic Product (GDP) generated by Latinos exceeded $4.1 trillion, ranking them as the fifth-largest economy in the world, ahead of countries like India, the United Kingdom, and France. This growth has been driven by a Latino workforce that is expanding 7.9 times faster than the non-Latino population.
As of May 2025, Latino-owned businesses in the United States continue to demonstrate remarkable resilience and growth. Despite economic and social challenges, this business community remains a cornerstone of the national economy. The following are updated data points that reflect this reality:
Growth and Economic Contribution
- Number of Businesses:
There are currently over 5 million Latino-owned businesses in the U.S., employing millions of people and generating significant revenue. - Business Growth:
Between 2017 and 2022, Latino-owned businesses grew at an average annual rate of 7.7%, significantly outpacing the 0.46% growth rate of all employer businesses during the same period. - Contribution to GDP:
In 2024, the Gross Domestic Product (GDP) generated by Latinos in the U.S. reached $3.6 trillion, positioning them as the fifth-largest economy in the world if considered independently. - Share in New Business Creation:
In 2023, Latinos accounted for 36% of all new businesses created in the U.S. nearly double their share of the general population. - Improvement in Financial Solvency:
The average credit score of Latino business owners improved from 632 in 2022 to 647 in 2024, indicating increased financial stability and a stronger ability to access capital.
Projections for 2025
According to the "2024 Hispanic-Latino Business Owner Spotlight" study by Bank of America:
- Growth Expectations: 82% of Latino business owners expect an increase in revenue over the next 12 months, compared to 78% of non-Hispanic business owners.
- Expansion Plans: 78% of Latino businesses plan to expand in 2025, versus 63% of non-Hispanic businesses.
- Hiring Plans: 64% of Latino businesses plan to increase staff, compared to 52% of non-Hispanic businesses.
Persistent Challenges
Despite these advancements, Latino businesses still face significant challenges:
- Access to Capital: While 55% of Latino business owners believe they have equal access to capital, 53% report difficulties securing it.
- Labor Shortage: 81% of Latino entrepreneurs say labor shortages are affecting their operations, and 34% struggle to fill open positions.
- Tax Uncertainty: A recent IRS policy allowing the Department of Homeland Security access to taxpayer data has raised concerns among immigrant communities, impacting compliance and trust in the system.
Ready to Be Part of This Wave of Growth and Success?
Now is the perfect time to invest in your future and in your community.
Toro Taxes offers a unique opportunity to acquire a franchise backed by a trusted brand that supports the Latino community with tax services and financial guidance tailored to their needs.
Benefits of Becoming a Toro Taxes Franchisee:
- Proven and profitable business model
- Ongoing training and operational support
- Marketing and resources tailored to the Hispanic market
- Opportunity to positively impact your community while building your own wealth
Are you ready to take the next step toward business success?
Contact us today to learn more about acquiring your Toro Taxes franchise and begin transforming your life—and the lives of others.
800-867-6829 ext. 202 | www.torotaxes.com
