Entrepreneurs have a knack for being game changers. In-fact, according to a study conducted by the Small Business Administration, small businesses are leading the way in tech and new product innovation. If you haven’t noticed by now, Hispanics are a huge part of the country’s economy. In a study done by the U.S. Hispanic Chamber of Commerce, the growth rate of Hispanic-owned businesses has grown by 27.5 percent, while the U.S. business growth rate is at 12.6 percent. This comes as no surprise as Hispanics are 1.5 times more likely than the U.S. general population to start a business according to Kauffman Index of Entrepreneurial Activity. They contribute a whopping $668 billion to the national economy, truly making their economic presence known. The shocking part of this all comes at a period of slow growth in the Hispanic population. But even with this decline in Hispanic immigration, they still have found a way to amazingly make up 20 percent of American entrepreneurs. Javier Palomarez, president and CEO of the U.S. Hispanic Chamber of Commerce, said it this way, “Throughout all corners of the United States, Hispanic entrepreneurs play a crucial role in supporting the growth of local communities.”
Even with this large boom in Hispanic businesses, there is still room for growth. Hispanic-owned businesses usually are found to have fewer employees and earn less than the national business average. To be clear, the Stanford Latino Entrepreneurship Initiative found that if the size of Hispanic-owned businesses was the same as the U.S. average, the gross domestic product for the U.S. would have been up by $1.4 trillion. But that is what the MBDA Business Center-Atlanta is here for. If you are an established business and you are looking for help with growth and access to more capital, be sure to contact us for more information!