that advocates for Latinos, confirmed the economic potential of our country’s Hispanic population, but it showed some worrying statistics. While Hispanic businesses are created in large numbers, they do not grow consistently.
Still, the Hispanic potential is amazing: Between 2012 and 2018, the number of Hispanic businesses in the U.S. increased by 40% compared with 18% of all American businesses. The Concilio president Florencia Velasco said Latino small businesses became the backbone of the U.S. economic recovery. “This is a narrative we don’t really hear and was very important,” she told us. “Without that growth, our unemployment rate and recession would’ve been harsher.”
Officials with The Concilio say further research is needed to assess why this growth is lagging, and they expect to issue an updated report next year. However, there is some evidence that poor access to credit is one of the reasons limiting growth among Hispanic businesses.
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