For years, Latino entrepreneurs have been fueling economic growth across the United States. We are launching businesses at a record pace, creating jobs, and contributing billions to the national economy. Our hard work and innovation not only strengthen our communities but also benefit the country as a whole.
How Latino Entrepreneurs Power the Economy
The 2023 State of the Economy Report by the Maryland Comptroller highlights how Latino businesses are not just growing—they are thriving at a pace that outperforms other demographic groups::
- Latino entrepreneurs own more than 5 million businesses across the U.S., generating over $800 billion in revenue annually.
- They are starting businesses faster than any other demographic group, accounting for nearly one in four new businesses nationwide.
- Between 2019 and 2022, Latino-owned businesses grew by 25%, while white-owned businesses only saw a 9% growth rate.
- In Maryland, immigrants, many of whom are Latino, make up 16.7% of the population and 21.1% of the workforce, making them an essential part of the state’s economy.
This rapid growth isn’t just good news for Latino entrepreneurs—it benefits the entire economy. When Latino businesses succeed, everyone benefits. They create jobs, drive innovation, and stimulate investment in local communities. A stronger local economy generates a ripple effect that strengthens the entire country:
- Job Creation: Latino-owned businesses employ nearly 3 million people, providing stable jobs and career opportunities across multiple industries.
- Filling Workforce Gaps: As of 2023, immigrants filled 50% of the 2.7 million new jobs created in the U.S.
- Meeting Consumer Needs: Many Latino businesses cater to underserved markets, introducing new products and services that reflect the needs of their communities.
- Supporting Economic Growth in Maryland: Maryland avoided a third consecutive year of population decline in 2023 thanks to international migration, further proving the critical role that immigrant entrepreneurs play in stabilizing local economies.
- Latino Business Growth in Maryland: The state is home to more than 58,000 Latino-owned businesses, and Latinos make up nearly 12% of Maryland’s population.
A Culture of Hard Work and Resilience
Latinos are known for their determination, adaptability, and commitment to community. Many start their businesses using personal savings, family support, and a deep sense of responsibility to serve others.
- Immigrants in Maryland have a higher labor force participation rate (72.2%) compared to 66.7% nationwide, showing their dedication to work and economic contribution.
- Naturalized immigrant entrepreneurs see an 8% to 11% increase in wages, allowing them to reinvest in their businesses and communities.
Resources to Support Growth and Success
While access to funding and resources can sometimes be a challenge, Latino entrepreneurs are resilient and resourceful. Here are some key organizations that can help Latino-owned businesses grow and scale:
- Small Business Development Center (SBDC): Offers business loans, and free mentorship programs, along with Spanish-language workshops. www.marylandsbdc.org
- Latino Economic Development Center (LEDC): Provides financing, technical assistance, and training for small businesses. www.ledcmetro.org
- Maryland Hispanic Chamber of Commerce: Connects Latino entrepreneurs with business development opportunities. www.mdhcc.org
- National Association of Latino Business Owners: Advocates for policies that support Latino businesses and provides networking opportunities. www.nalbac.org
A Hope of Growth and Opportunity
Latino-owned businesses are a pillar of economic growth in the U.S. Their contributions to job creation, community investment, and innovation make them an essential part of the country’s economic landscape.
“As a Latina, originally from Dominican Republic AND small business owner, I know that every sale, every opportunity, and every investment strengthens not just my business, but my community. When we support each other, we all succeed. Supporting Latino entrepreneurs is not just good for their businesses—it’s good for Maryland, and for the United States. Supporting their growth through fair access to capital, business education, and economic opportunities will help us become a stronger, more prosperous nation”.
Folks- we belong here. Our innovation, our energy, our efforts, MATTER. We contribute significantly, whether our business is in the restaurant, construction or consulting industry, we MATTER. Remain focused, informed and committed to succeeding- our children, students, neighbors are watching and they need the hope and inspiration we provide.
Veronica Cool is a Dominican entrepreneur dedicated to building bridges between cultures and empowering Latinos in the United States. Connect on Facebook at @HispanicStrategy, @VeronicaACool, @coolassociates (IG), or through the Facebook groups Yo Quiero Trabajo and Emprendedores Latinos- Para Crecimiento Económico.
*This article first appeared in the February edition of Baltimore Latino.
