Latina entrepreneurs are making significant strides in entrepreneurship. Whether launching a small business or scaling other ventures, their contributions to the United States economy shine bright.
According to a new survey, “2024 Women and Minority Business Owner Spotlight” by Bank of America, nearly four out of five Latina small and mid-size business owners anticipate revenue growth next year. The survey of more than 2,000 small and mid-sized entrepreneurs across the U.S. gives specific insight into the perspectives of Hispanic-Latino, women, Black/African American, and AAPI owners.
Earlier this year, the inaugural U.S. Latina GDP report, “Dando Vida a la EconomÃa,” showed the Latina GDP is larger than the economy of several states. This optimistic outlook reflects the growing confidence and success of Latina-owned businesses over the last decades. But most of all, it suggests the future looks promising.
The next 12 months will be pivotal for Latina business growth
While concerns like inflation and the current U.S. political climate are still considered the top issues for business owners, Latinas are finding their way. According to the report, 78% of Latino entrepreneurs plan to expand their businesses over the coming year. Additionally, 94% expect the national economy to improve to obtain funding, and 64% hope to hire more employees.

Esmeralda Hernandez, founder and CEO of Los Angeles-based cosmetics company Beauty Creations, shared how she is scaling her own business.
“We continued to scale across key growth measures this year – revenue, hiring, client growth and physical expansion – and remain confident this momentum will continue into the new year,” she said. “Despite some lingering uncertainty about inflationary costs and other economic pressures, we feel strongly about our growth projections. It’s a good time for our business overall.”

Women owners share their entrepreneurial status positively impacts their communities despite challenges
While many female entrepreneurs have seen growth in their businesses, some continue facing challenges due to gender inequities. The survey shows 62% of women claim that being a woman owner impacts how they interact with their community. Among these interactions is how they interact with the public as woman-owned, supporting female-specific issues, and getting involved in groups with other female owners.
However, despite these positive outlooks, 63% of women business owners still feel they need to work harder than their male counterparts to achieve the same level of success. Also, 52% note that gender stereotypes affect them as business owners. Many noted they’ve opted out of not promoting their gender as a business owner due to potential stereotypes.

Still, many female entrepreneurs are looking to improve in other areas. One example is work-life balance. This continues to take priority as they expand their entrepreneurship journeys, with 54% of them increasing their prioritization of work-life balance in the past year.