Latinos are opening small businesses faster than any other group. Here’s what that means for the U.S. economy.
Roughly 33 percent of Latino entrepreneurs are younger than 45, compared to just 22% of non-Latino entrepreneurs. For every 100,000 Latino adults in the United States, on average 510 became entrepreneurs each month in 2018.
Diane Haro, left, and Herminia Cervantes both wait for a customer to pick up their order at Tortas Al 100 on Feb. 08, 2020.While revenues climbed, though, the average credit scores of Latino business owners dipped to 588 from 594 last year, according to Biz2Credit. "By and large, I think Latinos are very unsuccessful in securing loans from the more professional sources," said Porras. "It's the smaller ones that are hurting the most," added Porras, referencing business size.
She ended up borrowing nearly $30,000 from friends, family, and coworkers, slowly paying them back one by one. I do think that Latinos can contribute more to this country if they give us the same opportunity to better ourselves and our children. I think we all want to progress, but they don't give us the same tools they give someone who was born here.Later, when Ibarra tried to purchase a home in 1996, her low credit still held her back. There was, however, another way, the realtor told her.
The lender advised those borrowers of color to take out risky sub-prime loans, even when they qualified for prime loans, or simply charged them higher rates. Fausta Ibarra, 59, owner of Tropical Cuts Beauty Salon in Salinas, California, brushes a customer's hair on Feb. 7, 2020, as the customer talks about her daily routine.According to the 2019 Stanford report, Latinos get loans from local banks at a much higher rate than they do from national banks.
In Salinas, a small city surrounded by rich agricultural land, U.S. Census Bureau data shows 78.7% of the some-156,000 residents are Hispanic or Latino. While the city’s agricultural industry thrives financially, thanks to the tens of thousands of Latino farmworkers that flow in and out of Salinas every year, the average farmworker takes home just $17,500 a year, according to the U.S. Department of Labor. More than 17% of its residents live in poverty.
Her parents, Graciela and Gildardo, worked in fields after immigrating to the U.S. from Guanajuato, Mexico. Every month or so, they would go to Los Angeles, five hours away, to stock up on Mexican candy, piñatas and cassette tapes, Garcia said. Then, they would turn around and sell them at the Santa Cruz weekend flea market in central California, dragging their children with them.
I am honestly so thankful for my parents, both of them. ... Because of them, because of the way they saved, because they saved, a lot of the money that has been invested came from my mom.When Garcia wanted to open her own brewery, her mother became her silent business partner. She hopes to connect with other business owners in the area to cross-promote, whether it be with the cinema next door or the sandwich shop across the street.
Jerry Porras, a professor of organizational behavior and change emeritus at Stanford Business School, co-founder of the Latino Business Action Network, a nonprofit out of Stanford University focused on empowering Latino business owners, and co-director of SLEI
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Los votantes latinos parecen estar encantados con 'Tío' Bernie. Los grandes políticos latinos, no tantoEl 53 por ciento de los votantes latinos en California planean votar por Bernie Sanders, pero ni un solo miembro del poderoso Caucus Legislativo Latino lo ha respaldado.
Read more »
U.S. Supreme Court open to more damages against Sudan over embassy bombingsThe U.S. Supreme Court on Monday appeared open to reinstating $4.3 billion in pu...
Read more »
How to Respond to the World's Most Annoying Question, “Why Aren’t You Dating Anyone?”If anyone asks you why you aren't dating anyone, we have the best response.
Read more »
Stop Sh*tting All Over Someone Else’s JoyIt’s so easy to not be an a**hole about things that aren’t directly affecting your life.
Read more »
With Good Times Back For The Music Business, Warner And Universal Look To Cash InTwo of the world’s largest music companies are looking to capitalize on the music industry's growth, which has been fueled by streaming services like Spotify and Apple Music.
Read more »
'Open, Insert, Squirt.' In This Town, Children Are Taught to Administer NarcanELIZABETHTON, Tenn. -- Shortly after his first-grade class let out for the day, Nash Kitchens sat with a dozen other young children at a library and played a murder mystery game that had a surprising plot twist.The victim was a restaurant worker who had been found dead in a freezer. The killer, the children
Read more »