Several years ago I found in my research travels one fact that stunned me – the increase in Latino business ownership. This was both shocking and exciting news. Latino business ownership was something that interested me because I too am a Latino business owner. According to the U.S. Census there is a 47% increase in Latino owned business. The increase in Latino owned business has become widely recognized. Dr Murillo the Houston Hispanic Chamber of Commerce President said “the Hispanic community is on a surge. Everyone is interested in marketing, selling and buying from Latinos.” And Latinos are ready to sell.
Latino business is growing at such a rapid rate that organizations, societies, and federations are popping up nationwide to support the growing need of the Hispanic business community. Silva from the Hispanic Chamber reports that chamber membership has increased from 500 to 5,000 member in the most recent years. Latino business is growing at twice the national rate even during this recession. Minority business accounts for $591 billion and $375 million of that is Latino owned business.
Companies like Verizon are taking an interest in Latino business by providing new ways for Latinos to continue to grow businesses locally. As the number of Latinos grow in the U.S. there is also an increase in interest to start businesses. This is a trend worth watching. The Latinos are increasingly mainstreaming into middle-class status and this is happening through business ownership. Latino business ownership will become as common as apple pie in the very near future.