Latino Businessmen are Growing Faster Than Their Competition

According to an article published in 2018, the 4.4 million businesses in the US that are Latino-owned are contributing $700 billion to the economy of the United States of America every year. It also said that each of these businesses earns a yearly income of approximately $327,189.

According to an article published online on JP Morgan Chase and Co.'s website, the Latino-owned businesses are the country's next hope in boosting the U.S. economy.

Currently, these businesses are still in a growing trend compared to their respective competitors.

California and Texas take the lead with the highest number of Latino-owned businesses in the country followed by New York. The continuing growth of these establishments owned by Latino businessmen depicts the continuous growth of the population of Latino-American citizens in the United States.

According to one restaurant owner of Dominican heritage, it was the American Dream for them. She operated a restaurant with fifteen staff members. She also manages another business in the city which also serves Latin-inspired dishes to residents. She also said that because of the good performance of the business, they are planning for expanding it.

The increasing trend of loan approvals for Latino businessmen and small businesses had significantly contributed to the overall growth of these businesses and the US economy. With lesser restrictions and easy loan application, a small Latino-business will be allowed to expand his growing business and grab more spotted opportunities.

The business owner of the restaurant had said that the conditions available in the present are way better compared to the lesser privileges given to the previous immigrant generations. She is a bachelor's degree holder with majors in Accounting from Baruch College.

According to the results of research by the Biz2Credit, in 2019, the average earnings of a business owned by Latinos in the United States had increased to $479,413 compared to the $327,189 of last year.

Even the number of businesses owned by Latino businessmen who are applying for loans had increased this year by 23 percent since last year.

According to Popular Bank's COO, Manuel Chinea, the growth of these businesses owned by Latinos is very evident. He also said that its growth will certainly continue to rise as this group of people's population in the country is continuously increasing in an upward trend.

Eighteen percent of the current populations of the United States of America comprises of people with Latin heritage. It is predicted that by the year 2050, thirty percent of the country's population will comprise of Latinos.

Another restaurant owner had also expressed his plans on expanding his business because of this growth in the Latino population in the country and the good performance of his business. He believes that the hard work, uncertainty, and risk that he had invested in his business were all worth it. He proudly says that his business is performing well in the market.

Regardless of the continuing positive growth of businesses owned by Latinos in the US, business owners should still take precaution to threats which automatically come with credit and business expansion. One of the notable threats is the failure to pay the debt on time.