Latino-owned businesses are experiencing significant growth thanks to a strong economy, a Biz2Credit study found.
Rohit Arora, Biz2Credit’s CEO, said Latino business owners are enjoying a 46 percent jump in revenue this year, which will bolster the nation’s thriving economy.
Latino-owned businesses have grown 31.6% since 2012, and our research finds that revenues of Latino-owned companies jumped 23% from 2017-18. Cost management is a challenge for young and growing firms, which can factor into the dip in credit scores. Latino businesses are thriving and expanding, and they help contribute to the overall strength of the U.S. economy.
In May, Alfredo Ortiz of the Job Creators Network said that although Democrats claimed the Trump economy was no help to the Hispanic community, the facts revealed the opposite.
The fact is that Hispanics are flourishing in the Trump economy. Democrats asserting the contrary is a mere partisan talking point to try to deny Trump the Hispanic support he has earned and which may decide the presidential election outcome next year. Expect Democrats to increase their identity politics attacks in an effort to skew Latinos against Republicans over the next year and a half.
In September of 2018, Arora called the rapidly expanding Latino community a “powerful force” and stated that their businesses “contribute more than $700 billion to the economy annually.”
“The achievements of Latino small businesses are impressive when you consider it is often hard for them to gain access to capital. Yet they are making progress,” Arora concluded.
For Kenia Castillo, operator of the popular Canave restaurant in Inwood, New York, it is her dream come true.
“This is the American Dream for us,” she told the New York Post, adding that “We keep getting busier and are now looking at expansion.”
The study found that the top five states for Hispanic owned businesses were California, Texas, New York, Georgia, and Pennsylvania.
“The growth of Latino businesses is undeniable and will undoubtedly increase as this important group becomes a larger section of the population,” said Manuel Chinea, the COO of Popular Bank.
“By 2050, Latinos are expected to comprise almost 30% of the population, compared to 18% today,” he concluded.