Latino-owned businesses are a major engine of the U.S. economy. As of October 2020, there were 3.3 million Hispanic-owned businesses according to data from the Small Business Administration. The first Latino businesses in ‘the land of the freedom’ were mostly general stores, real estate agencies, barbershops, or street vendors.
For more than a decade, the growth of Latino-owned businesses has become exponential, reaching 34%, according to figures from Stanford University’s Latino-owned Businesses: Shining a Light on National Trends study. Today, Latino-owned businesses have diversified and are represented in all industries: education,: education, “family planing,” construction, finance, manufacturing, and health services, to name a few.
Starting a business can be complicated, and getting financing is one of the most important tasks, turn to companies like Camino Financial for small business loans that will help you achieve your goals.
Moreover, obtaining access to education, technological tools, and financial products such as private financing has made it easier for entrepreneurs to expand their field of action, despite obstacles as deep and significant as racism. Here are 3 success stories of Latino business owners who have left their footprint on the U.S. economy.
Todos Supermarket by Carlos Castro
At 24 years old, Carlos Castro left El Salvador because of the civil war to seek the American dream. During his first 10 years in the United States, he worked cleaning toilets and washing dishes in food businesses. As time went by and with a green card in hand, he was able to bring his family to the United States and by 2008 he dared to establish Todos Supermarket.
Carlos had no formal training in management, he had to learn everything through experience. The business, which started in 1990, currently has two locations and is known for its commitment to generate a better environment in its community. In addition to selling the traditional products of a supermarket, they also offer insurance, money transfer, and even legal advice. In 2021, the store will function as a Covid-19 vaccine application.
ProAmerica Bank by María Contreras-Sweet
Born in Guadalajara, Mexico, Maria Contreras was the first Latina to establish a bank, of which she was executive president. Her intelligence and willpower have allowed her to hold high-ranking positions such as:
- California cabinet Secretary of the Business, Transportation and Housing Agency
- Equity partner in Westinghouse
- Founding director of The California Endowment and Hispanas Organized for Political Equality (HOPE)
All these important positions led her to join Barack Obama’s cabinet as Administrator of the U.S. Small Business Administration (SBA). There she was in charge of leading the support for more than 28 million startup family businesses in the United States, through counseling, training, grants, and small business financing.
Chomps by Pete Maldonado
In 2012, the Chomps brand co-founded by Pete Maldonado was launched. It is a snack company made from dried meat, including specialized gluten-free products. Since its inception, the company’s profits were growing by double digits or even triple every year. By 2018, they were earning $21 million, which is why it has been ranked 62nd on the Inc. 5000: The Most Successful Companies in America.
Raising capital to achieve a business of this type is not an easy task. You can approach companies like Camino Financial to get financial products such as small business loans, which will allow you to accomplish the business of your dreams.
Starting a Latino business in the United States requires discipline, order, effort, and dedication, qualities that Latinos have in abundance. No matter what market you specialize in, innovation and customer service will make you stand out from the competition. Focusing on these aspects is an excellent idea to achieve strong and lasting entrepreneurship.
Don’t let financing keep the American dream away from you, get to know the offer of Camino Financial, a company specialized in generating financial solutions for Latino entrepreneurs. Getting small business loans, will allow you to decide in which allocations you want to use your budget and distribute it properly, without restrictions from the financial institution.
Strive to achieve your personal goals through a business that will give your family the life you have always dreamed of. Get started today working towards establishing a successful business in the United States!