As reported by the U.S. Hispanic Chamber of Commerce, Latino-owned businesses in the United States have grown close to 4.4 million, adding over $700 billion to the economy yearly. This powerful force has increased over 30 percent since 2012, more than double the growth rate of all U.S. businesses. These achievements are impressive when considering the difficulty of receiving capital.
There are close to 55 million Latinos living in the U.S. and these numbers are on the rise, as reported by the U.S. Census Bureau. Latinos are the country’s most significant racial minority, making up 17 percent of the total population. It is predicted that over the next 40 years, Latinos will comprise 28.6 percent of the U.S. population.
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According to Biz2Credit, an online credit marketplace, the amount of Latino-owned businesses applying for credit increased 22 percent during the last year. There was also an increase in their average credit scores. There are growing contributions and importance to the Latino-owned companies in the marketplace.
Optimism is growing in the community. Victor Canales, the president of VCMG Live, said that he had seen a massive increase in the Hispanic population over 20 years as a business owner. There are many opportunities available in the United States for immigrants.
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