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Hispanic Businesses

May 18, 2010 2 Comments »

According to a study conducted last year by the University of California, Los Angeles (UCLA), commissioned by the Latino Business Chamber of Greater Los Angeles (LBC-GLA), Hispanic-owned businesses are the key to creating jobs and income in the U.S. economy. The LBC-GLA is a non-profit organization created in 2008 to gather and organize business owners of Hispanic origin in order to, among other things, advocate for small and medium businesses, provide valuable and permanent services to its members to improve and achieve success in their businesses, and generate more business opportunities from outside the Latino community and among members.

The results of the study show the need for technical assistance programs in areas such as marketing, business plan development,accounting, information technology and tax preparation. There is also a need for banks to provide the means to enable these businesses to grow and invest. However, “The numbers are encouraging and the study’s findings are consistent with our mission to provide technical assistance, promote economic growth and produce economic structures and policy initiatives needed to empower Latino businesses,” said Jorge Corralejo, President and CEO of LBC-GLA.

In 2002, the Survey of Business Owners (SBO) defined Hispanic-owned businesses as those companies in which Hispanics own 51% or more of the shares. According to the survey, conducted by the U.S. Census Bureau, the number of Hispanic-owned businesses, grew 31% between 1997 and 2002, three times the national average for all businesses which totals about 23 million. The report also mentions that there are 1.6 million Hispanic-owned businesses, which generated 222 billion U.S. dollars of income.

Additional data:

  • In 2002, nearly 3 out of 10 Hispanic-owned businesses operated in the construction and services area such as personal services, repair and maintenance.
  • In 2002, businesses owned by people of Mexican origin accounted for more than 44% of all Hispanic businesses.
  • The retail and wholesale trade accounted for 36% of the income of Hispanic-owned businesses.
  • There were 29,184 Hispanic-owned businesses with one million dollars or more in revenue.
  • There were 1510 Hispanic businesses with 100 employees or more, worth over 42 billion U.S. dollars in gross income.
  • The states with the fastest growth rates for Hispanic-owned businesses between 1997 and 2002 included New York (57%), Rhode Island and Georgia (56%), Nevada and South Carolina (48%).
  • The counties with the largest number of Hispanic-owned businesses were Los Angeles, California (188,472), the Miami-Dade, Florida (163,188), Harris, Texas (61,934) and the Bronx, New York (38,325).

Online Help

There are numerous resources in many websites devoted specifically to Latin American business. SCORE (Counselors to America’s Small Business) provides a list of sites for “minority bushiness, among which are the following:

Additional websites

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