Abstract
This report looks at the attitudes and behavior of minority small business owners, including Asian Americans, African Americans, and Hispanic Americans (of various countries of origin, and differing lengths of residency in the United States) and their means of starting business and funding business expenses.
Mintel presents specific information about relevant attitudes and perceptions of self-employed minority business owners. In order to create advertising and marketing that resonates with target consumers, it is essential to identify those attitudes, concerns, and needs most relevant to that target group.
Loans to minorities have almost tripled since 2002 and risen in dollar value from $3.5 billion to more than $6.7 billion. Between 1997 and 2002, the growth of minority-owned firms outpaced the national rate, increasing 35% compared to 10% for all classifiable firms. Gross receipts for minority firms grew 13%, again surpassing the growth rate for all classifiable firms.
Major race and ethnic groupings include:
- White
- Black or African American
- American Indian and Alaska Native
- Asian and Pacific Islander
- Hispanic
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