Celebrating the economic impact of the U.S. Hispanic community this Cinco de Mayo
This week, many people are celebrating Cinco de Mayo. But it’s also National Small Business Week, and LIBRE is celebrating both by highlighting the economic importance of Latinos in the U.S.
Join us in celebrating Cinco de Mayo — and National Small Business Week — by sharing these important economic contributions of the U.S. Hispanic community.
Did you know nearly 14% of existing small businesses are Hispanic owned? In fact, Latinos start more businesses per capita than any other racial or ethnic group. This is absolutely something worth celebrating this Cinco de Mayo!
Cause for further celebration is that when compared to other segments of the population, Latinos have brought the highest rate of entrepreneurial growth to the U.S. in every year since 2002.
Hispanic entrepreneurship has far reaching benefits to our country as a whole. The payrolls of Latino owned businesses are growing at more than double the national average.
Hispanic entrepreneurship can rise even further
Although Latino-owned businesses contribute over $800 billion to the U.S. economy each year, Latino-owned businesses are still facing hurdles in accessing capital. How can Hispanic Americans meet their full economic potential when they receive less than 2% of all venture capital funding? Increasing and improving access to capital for Latino businesses would yield significant benefits to the U.S. economy (to the tune of $3.3 trillion of growth by 2030).
By Cinco de Mayo 2024, LIBRE hopes to congratulate even more than the current 5 million Hispanic owned businesses in the U.S. for making our economy stronger.
Learn more about the work LIBRE is doing to increase freedom and opportunity in the Hispanic community here.