National Hispanic Heritage Month is a time to celebrate the rich contributions Hispanic business owners make in our community. According to the Joint Economic Committee Hispanic Entrepreneurship and Business Brief, nearly 5 million Hispanic-owned businesses contribute more than $800 billion annually to the American economy.
In Idaho, the Small Business Administration reports that Hispanic individuals make up 12.2 percent of workers and own 6 percent of businesses.
Although Hispanic businesses make significant contributions to the economy, structural inequities and inadequate access to capital often make them less competitive than their counterparts. For example, one study from Stanford University found that in contrast to 50 percent of white-owned businesses, just 20 percent of Latino-owned businesses seeking national bank loans above $100,000 had their requests accepted.
