Hispanic-Owned Businesses Growth Surges

Chris Roberts, http://www.hispanicbusiness.com/

Hispanic-Owned Businesses Growth Surges

Chris Roberts, El Paso Times, Texas
Hispanic entrepreneurs

The number of Hispanic-owned businesses in the United States grew at a rate more than double the national average during a five-year period ending in 2007, says a federal study released Tuesday.

The total number of U.S. businesses increased by 18 percent to 27.1 million in that period, according to preliminary data from the U.S. Census Bureau report. Hispanic-owned businesses increased by 43.6 percent in that five years to 2.3 million. That represents 8.3 percent of the total. The survey did not count farms.

And the number of all minority businesses grew by more than 45 percent, according to the "2007 Economic Census Survey of Business Owners," which represents the most recent numbers available.

"It is expanding the U.S. economy," said David Hinson, Minority Business Development Agency national director, who participated in a Tuesday morning teleconference to announce the results. "The minority businesses have grown faster than the minority population (and) dramatically outpaced U.S. firms" in general.

Texas was second nationally in the number of minority-owned firms with 33 percent, and third in Hispanic-owned firms with 20.7 percent. Texas had 447,391 Hispanic-owned firms, which was 19.8 percent of the total. Those businesses accounted for $62.1 billion in receipts, according to the report.

El Paso is keeping up with the trend, said Cindy Ramos-Davidson, chief executive officer of the El Paso Hispanic Chamber of Commerce.
Out of the 46,417 registered businesses here, 65.4 percent are minority-owned and 59.2 percent are Hispanic-owned, she said.

However, significant obstacles remain, bureau officials said. Problems include getting access to capital required for expansion and hiring, and growth into overseas markets, they said.

Ramos-Davidson said getting business loans requires knowing how to write a solid business plan. "It's a problem of understanding how financing works," she said. "You have to show them how you're going to pay back what you borrowed."

Finding business in foreign markets requires a knowledge of the target country's rules and regulations, she said. "And sometimes businesses here are a little apprehensive about explosive growth," Ramos-Davidson said.


Hispanic-Owned Businesses Growth Surges Chris Roberts, http://www.hispanicbusiness.com/ Hispanic-Owned Businesses Growth Surges Chris Roberts, El Paso Times, Texas Hispanic entrepreneurs The number of Hispanic-owned businesses in the United States grew at a rate more than double the national average during a five-year period ending in 2007, says a federal study released Tuesday. The total number of U.S. businesses increased by 18 percent to 27.1 million in that period, according to preliminary data from the U.S. Census Bureau report. Hispanic-owned businesses increased by 43.6 percent in that five years to 2.3 million. That represents 8.3 percent of the total. The survey did not count farms. And the number of all minority businesses grew by more than 45 percent, according to the "2007 Economic Census Survey of Business Owners," which represents the most recent numbers available. "It is expanding the U.S. economy," said David Hinson, Minority Business Development Agency national director, who participated in a Tuesday morning teleconference to announce the results. "The minority businesses have grown faster than the minority population (and) dramatically outpaced U.S. firms" in general. Texas was second nationally in the number of minority-owned firms with 33 percent, and third in Hispanic-owned firms with 20.7 percent. Texas had 447,391 Hispanic-owned firms, which was 19.8 percent of the total. Those businesses accounted for $62.1 billion in receipts, according to the report. El Paso is keeping up with the trend, said Cindy Ramos-Davidson, chief executive officer of the El Paso Hispanic Chamber of Commerce. Out of the 46,417 registered businesses here, 65.4 percent are minority-owned and 59.2 percent are Hispanic-owned, she said. However, significant obstacles remain, bureau officials said. Problems include getting access to capital required for expansion and hiring, and growth into overseas markets, they said. Ramos-Davidson said getting business loans requires knowing how to write a solid business plan. "It's a problem of understanding how financing works," she said. "You have to show them how you're going to pay back what you borrowed." Finding business in foreign markets requires a knowledge of the target country's rules and regulations, she said. "And sometimes businesses here are a little apprehensive about explosive growth," Ramos-Davidson said. Source: Copyright (c) 2010, El Paso Times, Texas. Distributed by McClatchy-Tribune Information Services.
El Informe Newletter - AUG 2010