The United States’ small business growth has been turbocharged with the Latino contingent
Close to 4.4 million Latino-owned businesses contribute over $700 billion to the American economy yearly. The U.S. Hispanic Chamber of Commerce reported that Latino-owned companies have seen a 31.6 percent increase over the past six years, doubling the growth rate of the total of American businesses. These significant achievements are impressive when you take into account the difficulty Latinos sometimes have to gain access to capital.
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According to the U.S. Census Bureau, Latinos comprise 17 percent of the U.S. population, ranking them as the country’s largest racial minority. It is projected that 120 million Latinos will make up 28.6 percent of the country’s population by 2060. Close to two-thirds of all U.S. Latinos are from Mexico and ten percent from Puerto Rico.
The average yearly revenue of Latino-owned businesses increased 26.5 percent over the past year. The number of credit applications from these businesses rose 22 percent, and their average credit scores increased by 2 points. Manuel Chinea, COO of Popular Bank said, “Providing access to better and faster financing options will allow Latino-owned businesses to build upon this momentum.”
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