Discover the Thriving World of Latino Entrepreneurship - Key Insights Unveiled at 'The State of Latino Entrepreneurship' Event in Houston, Texas
The event, held last July 17, showcased an enlightening presentation by Arturo Cazares, CEO of LBAN, who shared captivating data on the state of Latino entrepreneurship in the US. The research, conducted annually in partnership with Stanford University Graduate School of Business, revealed significant milestones and challenges faced by Latino entrepreneurs.
Among the topics discussed were remarkable achievements in the US Latino GDP, which stands at an impressive $2.8 Trillion. Nearly 5 million Latino-owned businesses contribute to the nation's economy, generating annual revenues exceeding $800 billion. Additionally, it was revealed that Latino business owners possess nine times the wealth of Latino non-business owners, a testament to their resilience and dedication.
Further insights indicated that Latino-owned businesses are growing revenue at a remarkable rate of 25%, outperforming their non-Latino counterparts at 9%. Latinos' entrepreneurial spirit was highlighted as well, with a 34% business startup rate compared to the national average of 7%.
Despite these notable achievements, Latino entrepreneurs continue to face significant challenges. The event emphasized the need for reform in the banking sector, as Latinos are 60% less likely to receive bank loans from major institutions. Government contracts were also addressed, revealing that Latino entrepreneurs receive contracts that are 31 times smaller than those awarded to their white counterparts.
The event featured an impactful panel discussion, that included local Houston entrepreneurs and esteemed LBAN alumni. During the discussion, participants shared personal stories of triumphs and challenges faced in growing their businesses as Latina and Latino entrepreneurs.
One of the remarkable panelists was LuzElena Rivers, MBA, CEO of Amera, the #1 ambulatory day surgery transportation agency in the US. Ms. Rivers brought valuable insights and experiences to the discussion, shedding light on the determination and perseverance required to succeed in the competitive business landscape.
The "The State of Latino Entrepreneurship" event underscored the importance of supporting and empowering Latino entrepreneurs and highlighted the immense contributions they make to the nation's economy. It served as a catalyst for meaningful conversations and calls to action, fostering a collaborative environment for creating opportunities and breaking barriers.
We extend our sincere appreciation to all participants, partners, and attendees who made this event a resounding success. As we reflect on the rich discussions and valuable insights gained, we are excited to continue our journey in championing Latino entrepreneurship and fostering a more inclusive and equitable business landscape.
About LBAN:
The Latino Business Action Network (LBAN) is a non-profit organization committed to fostering Latino entrepreneurship in the United States. Through research, education, and community engagement, LBAN seeks to empower Latino entrepreneurs and bridge the opportunity gap in business ownership.
Francis Recana
Marketing Communications/Amera
+1 855-263-7215
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