The 2012 U.S. Census revealed that Hispanic-owned small businesses are growing at nearly twice the rate of the national average with annual revenues at $350B (though many industry insiders believe this is a conservative estimate with the true figure being well-north of $600B). The U.S. Minority Business Development Agency reports that between 2002 and 2007, Hispanic owned businesses grew faster than the national average of 44 percent in 28 states. Clearly, the impact of the Hispanic population and the entrepreneurial spirit we bring with us is influencing the emergence of Hispanic-owned small businesses. - and with this rapid growth the need for Hispanic specific resources and support to help enable revenue generation and profitability is at an all-time high.
In a recent Fox Latino interview, Hector Barreto, the former Administrator of the U.S. Small Business Administration under George W. Bush, said that there are many intangible factors inhibiting Hispanic small business growth. According to Mr. Barreto, Latino business owners are filled with uncertainty and lack confidence in the U.S. government.
I respect Mr. Barreto's candor in identifying the challenges that both Hispanic (and non-Hispanic) small business owners are faced with in our current economic environment. However, for Hispanics in particular, the obstacles run much deeper and this is where the Presidential candidates and politicians across America are all missing the mark. Hispanics, perhaps more than any other community, are rich in diversity and self-identify with their culture. As such, they require tools, resources, government and educational programs that are culturally-relevant so that they can grow their business in ways they can identify with most naturally. This factor alone explains why Hispanic consumers (let alone Hispanic small business owners) represent the largest unbanked community in America. READ MORE
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