For more than a decade Massachusetts State Representative Carlos Gonzalez has worked with Latino business owners to start businesses and help them thrive. Gonzalez, the co-founder and president of the Massachusetts Latino Chamber of Commerce, has always touted the contributions of Latino consumers and businesses to the local economy.
Now Univision, the leading media company serving Latinos in the United States, is teaming up with Stanford University’s Latino Entrepreneurship Initiative to conduct the first of its kind comprehensive analysis of Latino businesses.
Hispanicize Wire is reporting the university and media outlet hope the study will improve understanding of this vibrant economic force and help identify areas for development and growth.
“I hope the study highlights the economic impact and the jobs created by Latino micro businesses; how 80 percent live in the same urban cities they own their business, buying homes and spending back in the community,” Gonzalez said. “The economic impact often is not recognized but many urban cities including Springfield and Holyoke downtowns are still viable today due to the existence of Latino micro businesses. Many are credited for growing business cities, but never credit Latino businesses as a significant part of that growth.”
According to Stanford’s research, there are over four million Latino-owned businesses in the U.S. of which most are small sole-proprietor and/or family-owned businesses with substantial opportunity to grow.
Latino businesses are growing at more than twice the rate of all U.S. firms, marking a 43 percent growth since 2007, according to a 2014 Geoscape Study on Hispanic Business & Entrepreneurs. Additionally, Hispanics are two times more likely to start a small business than non-Hispanics, and their businesses contribute nearly $500 billion in revenue to the national economy, Hispanicize Wire reported.
Gonzalez said many local Latino businesses are responsible for job creation.
“Latino business are employing community residents and are essential as we are faced with the unemployment crisis in our urban areas where the Latino population is concentrated and growing,” he said.” I believe the study will show the lack of local, state and federal programs that are specifically geared toward the micro business community, especially new start-ups.”
Business owners can participate in the survey, in English or Spanish, through this link.
“As a mission-driven Company, dedicated to informing, entertaining, empowering and advocating for Hispanic America, we will be expanding our support of Hispanic business owners in 2015,” said Univision Executive Vice President for Human Resources & Community Empowerment, Roberto Llamas in a prepared statement.
Stanford Graduate School of Business Professor Jerry I. Porras said the goal of the study is to show the impact of Latino businesses on the nation’s future economy.
“We want to transcend common beliefs and build fact based insights on Latino owned businesses and their growth, and……
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