As the worst of the Great Recession wanes, the big banks have begun opening the money spigot for small-business lending, but cash-strapped Latino entrepreneurs are still feeling the pinch.
The irony is that this sector is launching start-ups at the fastest rate among all small businesses, which has helped buoy the economy's unemployment picture since 2008. During this time, the number of Hispanic entrepreneurs grew by 71.5 percent, according to a report by the Partnership for a New American Economy. Currently, there are more than 3 million Latino-owned businesses in the U.S., and that figure is expected to double in five years. They generate an estimated $500 billion in annual sales.
National Hispanic Month recognizes the growing importance of the Latino population in America today. An estimated 54 million Latinos live in the U.S. They comprise 17 percent of the country's population and are the fastest-growing ethnic group. Nielsen research shows Hispanic purchasing power is approaching a staggering $1.5 trillion. READ MORE ON CNBC
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