Miami No. 5 Among Metros Where Minority Entrepreneurs are Most Successful

Aug 26, 2023

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WRITTEN BY Alaya Linton – EDITED BY – Dan Shepard – Xiomara Martinez-White

New data from LendingTree’s annual minority entrepreneurs report show that Miami occupies the No. 5 spot among places with the most successful minority entrepreneurs.

In fact, the Magic City boasts the highest number of minority-owned businesses per 1,000 minority residents, as well as the tenth-highest percentage of minority residents who identify as self-employed. The analysis looks at various metrics across the largest U.S. metros to assess where and why some minority entrepreneurs thrive. More Miami-specific data below:

Rank	Metro	Minority-owned businesses per 1,000 minority residents	Percentage of minority-owned businesses in operation for 6+ years	Percentage of minority-owned businesses with revenues of at least $500,000	Percentage of minority residents who identify as self-employed	Score
5	Miami	23.28	58.50%	36.60%	11.33%	79.84

If these Miami-specific stats could play a supporting role in any stories in light of Black Business Month, LendingTree’s chief credit analyst and small business expert Matt Schulz would be happy to walk your audience through a few scenarios, including but not limited to:

Crafting a solid business plan
Starting a business with little to no money
Succeeding in your first year
Strengthening your credit & accessing startup business loans
Understanding, overcoming and preventing small biz failures
Navigating state-specific small biz resources

Nearly 20% of U.S. employer businesses in 2020 were minority-owned, according to Census Bureau estimates. In addition, the past decade has seen increases in minority-owned companies in some industries, as well as a general increase of Hispanic-owned ones. However, the quantity still doesn’t match the country’s racial diversity proportionately — the impact of opportunity gaps, prohibitive practices and other systemic barriers.

The number of minority-owned businesses is one indicator of success, but other factors impact the progress of entrepreneurs of color. LendingTree researchers analyzed various metrics across the largest U.S. metros to assess where and why some minority entrepreneurs thrive, and where and why others don’t.

Our analysis shows that minority-owned businesses are experiencing the most success in San Francisco and the least in Cleveland. We’ll also highlight the individual metrics in which minority entrepreneurs are (or aren’t) prospering.

READ THE REPORT

Source: News Release

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