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Businesses founded by Latinos are contributing hundreds of millions of dollars each year to the Iowa economy at the same time that they are training a new generation of community leaders, according to a report released Wednesday by Iowa State University.

The study reveals that an important factor in the growth of small businesses in Iowa are the state's "newest residents, enterprising Latino immigrants in small communities who are very diverse in age, skills and education."

During 2010, Iowa's Hispanic business community contributed $457 million to the local economy, with total sales of $288 million and a combined payroll of $54 million, according to figures from ISU Extension.

While the Iowa Division of Latino Affairs says the number of Hispanic firms grew from 1,343 in 1997 to 2,252 in 2007, they still comprise less than 1 percent of the total.

According to the 2010 Census, of Iowa's 3 million residents, about 4.5 percent are Hispanic, and of those almost 70 percent are immigrants.

In cities like Waterloo, the Latino population has doubled over the past 10 years with the concomitant growth in the number of Hispanic businesses. In other towns, including Columbus Junction and West Liberty, Hispanics now represent 40 percent of the population.

Because of this growth, ISU Extension and other organizations developed a business training plan focused on Latinos. READ MORE