The Census Bureau reports nearly 55 million Hispanics live in the United States, which represents almost 17% of the US population. The number of businesses owned by Hispanics throughout the country reaches over 4 million. The revenue raised by these businesses accounts for over $660 billion as Hispanic Chamber of Commerce states.
Hispanic entrepreneurs have been starting businesses at a pace 15 times the national average over the past 10 years.
Over 1/4 of the country’s Hispanic-owned businesses or 1.057.301 companies are found in the Census Bureau’s Pacific region ─ Alaska, California, Oregon, and Washington. The South Atlantic region represents nearly 964.000 Hispanic-owned companies, and the West South Central region, that is Arkansas, Louisiana, Oklahoma and Texas account for 912.000 companies.
Hispanic business ownership grew by 30% in the Midwest. Many Hispanics were interested in the region as they were looking for jobs, brighter economic opportunities and a lower cost of living as compared to California, New Jersey, or New York.
Biz2Credit’s annual study of 25.000 small businesses carried out in September 2016 shows how Hispanic-owned businesses are growing. The study surveyed 2.000 Hispanic entrepreneurs having applied for business funding through the online platform over the last 12 months.
Based on the study, Hispanic-owned companies applied for business financing on the platform 68.7% more often in the last 12 months. The average annual revenues of the mentioned firms made up $202.327, which is up from $68.540 in 2015.
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Importantly, the resent years have been quite successful for small businesses. Many companies are focused on enlarging and improving their operations. Particularly, the average credit score of Hispanic entrepreneurs was 595 and that of non-Hispanic entrepreneurs ─ 608. Overall, the Hispanic population and entrepreneurship is growing and playing a more significant role for the country’s economy.