The Economic Impact of Hispanic Entrepreneurs: Celebrating National Small Business Day

May 10, 2024

Center for Public Policy

As we celebrate National Small Business Day, it's crucial to recognize the significant contributions of Hispanic entrepreneurs to the U.S. economy. Hispanic-owned businesses play a vital role in driving innovation, creating jobs, and fostering economic growth across the nation.

Topline: 

According to recent data, Hispanic-owned businesses contribute over $800 billion in annual revenue to the U.S. economy, with more than 5 million Latino entrepreneurs operating businesses nationwide. Over the last decade, the U.S. Latino economy has grown two and a half times faster than the non-Latino equivalent, surpassing the gross domestic product of several major countries.

If Latinos were an independent country, their GDP would rank fifth in the world, ahead of the United Kingdom, India, and France. This underscores the immense economic power and potential of the Hispanic community in America.

Hispanic entrepreneurs start more businesses than any other ethnic group in the U.S. over the past 10 years, comprising one out of every five entrepreneurs. Moreover, Latinos start 82% of all new businesses in the U.S. and 50% of all new businesses in the last decade. Close to 3 million new jobs were created by Latinos, further emphasizing their significant contribution to job creation and economic vitality.

Bienvenido Vision: 

At Bienvenido, we envision a future where Hispanic entrepreneurs continue to thrive and succeed, driving economic prosperity for themselves and their communities. We encourage all Americans to honor and fight to protect the free enterprise/capitalist economic system America is founded on. This system has lifted millions of Hispanics out of poverty and powers the American dream, providing opportunities for upward mobility and success. By safeguarding and promoting free enterprise, we can ensure that future generations of Hispanic entrepreneurs have the same opportunities to achieve their dreams and contribute to the prosperity of our nation. Let us unite in defending the economic principles that have made America the land of opportunity for all.

On this National Small Business Day, Bienvenido celebrates the resilience, ingenuity, and entrepreneurial spirit of Hispanic small business owners who continue to fuel the engine of our economy and shape the future of our nation. We are committed to supporting and empowering Hispanic entrepreneurs through advocacy, education, and strategic partnerships.

 

 

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