By: Leonard M. Baynes
The borough of Queens in New York City is the most diverse
county in the United States. The population is evenly divided
between and among African Americans, Asian Americans, Latinos, and
Whites. Entrepreneurship has grown steadily among minority-owned
businesses in the United States. The Q-626 Report examines and
analyzes the 626 largest and 105 largest minority-owned businesses
in Queens. The Report finds that the 105 largest minority-owned
businesses in Queens have annual sales of approximately $2 billion.
Most of the largest minority-owned businesses in Queens are Asian
owned. They are also diversified in the types of products and
services that they sell.
Interestingly, the Report concludes that there is an
under-representation of African-American and Latino businesses in
Queens. Although the causes of this under-representation need
further study, the Report hypothesizes that the disparity may
result from African-Americans’ lack of access to capital and lack
of access to formal business networks.