Written by our Twitter Party Manager and #LATISM member, Melanie Mendez-Gonzales
In 2015, there were estimated 4.1 million Hispanic-owned businesses. Hispanic-owned firms collectively contribute over $661 million to the American economy, according to Geoscape Hispanic Business Report 2015. And with the growth of the U.S. Hispanic population, the number of Hispanic-owned businesses will continue to rise. However, even with the rising of Hispanic-owned businesses, the racial wealth gap in business ownership remains. One major factor that contributes to the racial wealth gap is the size differences of Hispanic- owned businesses compared to non Hispanic-owned businesses which are results of access or lack of access to capital, ownership patterns, customer base and the diversity of industries.
According to Stanford Latino Entrepreneurship Initiative’s State of Latino Entrepreneurship Report Research Report, growth mentality is present in Latino business owners but the reality is that more than half (54%) of the surveyed business owners have businesses that are either growing slowly, staying stagnant or shrinking, revealing a clear disconnect between goals and reality.
How can we narrow the racial wealth gap through business ownership which, in turn, would have a trillion dollar* impact on the U.S. economy?
It begins with Hispanic-owned businesses having access to the right resources like access to capital and access to new markets. But, how important is it that these resources are available in Spanish and English?
We will address these business owner concerns and more on Thursday’s Bilingual Business #LATISM Twitter Chat with Luis O. de La Hoz.
Bilingual Business #LATISM Twitter Chat
Thursday, August 4, 2016
9 p.m. EST – 10 p.m. EST
Special Guest: Luis O. de La Hoz @luisodlh
Hashtags: #LATISM #BilingualBiz
Luis is the Vice President lending Team at the Intersect Fund, a non-profit micro-lender and certified CDFI based in New Brunswick, NJ that provides training, coaching and capital to low-income, minority and women-owned businesses throughout the state of New Jersey. After being granted a Change Maker of the Year 2011 award, he was promoted due to his outstanding performance as Senior Loan Officer, a position he held since 2011, and as Spanish Program Coordinator since 2010.
His responsibility is to grow a portfolio of Latino entrepreneurs, small business owners and startups seeking capital. De la Hoz then helps them develop a business plan and follow up on their operation through training and consultation to ensure successful outcomes.
*Sources from: Stanford Latino Entrepreneurship Initiative Report Executive Summary Opportunity Gap