More than fifty percent of all Inland Empire businesses are minority-owned, with Hispanic owners making up the largest subgroup, according to report released Tuesday.
Hispanic and African-American-owned business account for most of the minority entrepreneurship in Riverside and San Bernardino counties, and minority-owned businesses managed to thrive during the pandemic, the Inland Empire Center for Entrepreneurship at California State San Bernardino reported.
Minority-owned businesses in the Inland outperform California at 19 percent and the United States at 35 percent.
“Minority entrepreneurship is a positive indicator for the Inland Empire,” said Mike Stull, director of the center for entrepreneurship, in a statement. “Overall, the rate of new entrepreneurs outpaces the national level, but it lags when it comes to new ventures being created by individuals out of choice rather than necessity.”
This is the first time the center for entrepreneurship, which supports small businesses in the Inland region, has issued a report on minority-owned businesses. The study is based on monthly data from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, according to the statement.