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Latino Businesses May Be Backbone of US Economy

All too often Latinos are spoken about in a negative way. Most often this happens because not enough is known about how the Latinos in the United States are playing a very important role in the business world and are major contributors to the economy.

What Do the Facts Say?

A recent study into the Hispanic Business community confirms that there has been constant growth in the Latino-owned and operated businesses. Figures don’t lie and in 2017 the statistics show that there were 4.4 million Latino businesses who were to contribute $709 billion to the country’s economy.

Some people believe that it is the big conglomerates that are the mainstay of the economy, but the Latino business sector has proven this wrong. To begin with, the Latinos represent 17% of the US population. In the last decade, there have been a large number of viable businesses opening up and 86% of these have been by the Latino business community.

Overcoming the Obstacles

While the growth and power of the Latino business people are certainly being recognized at least by the rest of the business network in the US, many are asking why is this group of ethnic business people being so successful? One answer is because they have the passion and determination to overcome the challenges they are often faced with. One is not having enough access to capital, and others are not enough procurement opportunities and training. In spite of these setbacks new Latino businesses continue to surface.

 

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