A recent McKinsey study highlights the progress of U.S. Latino small business owners in accessing credit, suggesting a stronger financial foundation for their businesses. The share of Latino-owned businesses applying for credit rose to 15% in 2023, up from 12% the previous year.
Moreover, the average credit score for Latino business owners improved from 632 in 2022 to 647, reflecting a broader stabilization and enhancement of their financial profiles. Latino-owned businesses are already driving economic growth, accounting for 36% of new businesses in 2023, despite representing just 19% of the U.S. population.
