·LatinosNearly half of Fortune 500 companies were founded by immigrants or their children.
It shows how Latino entrepreneurs can drive America’s economic futureBy Julián CastroBy Carolina MartinezBy Julián CastroBy Carolina Martinez Latinos can drive America's economy forward.Getty ImagesAt this time last year, Latino and immigrant entrepreneurship was thriving.
Between 2018 and 2023, the number of Latino-owned es increased by 44%, powering a historic small boom and generating over $650 billion in revenue annually.
In recent years, Latino and immigrant entrepreneurs have started new es at twice the rate of the general population, building domestic capacity in key industries construction and manufacturing.
Today, nearly half of Fortune 500 companies were founded by immigrants or their children. Unfortunately, anti-immigrant policies threaten to derail this economic engine.
As attacks on immigrants are rising, local economies are weakening, with the fear of immigration raids keeping people .
Many immigrants, including those with legal , have stopped spending money at local restaurants or stores, choosing instead to for lawyers, paperwork, and guardianship plans for their children in case they become separated.
The destabilizing effects of draconian immigration policies, along with the whiplash of tariffs and harmful cuts to federal small grams, undermine our nation’s economic future.
The American dream of ownership isn’t only individual success — it’s building strong local economies where opportunity is available to anyone who has the grit to make it.
When small es thrive, they create jobs, pay taxes that support local schools and infrastructure, and build community wealth.
Supporting every emerging in America is an investment in the nation’s entire economic future.
As leaders of organizations dedicated to Latino economic advancement and entrepreneurship, we see three critical areas where action is needed today more than ever unlock the full potential of Latino and immigrant entrepreneurs: First, Congress must restore federal baseline support and philanthropy must maintain, or increase, their investments to help small es grow, including in coaching resources, such as small assistance centers and accelerators.
With coaching, small owners can successfully navigate the nical aspects of running a , such as creating a plan, accessing complex government curement opportunities, and managing cash flow.
coaching can also offer lifelines for small es navigating challenges tariffs or wildfires. Unfortunately, access to coaching resources will be harmed by posed funding cuts to the U.S.
Small Administration as well as rural small grams run through the U.S. Department of Agriculture.
It’s also essential that coaching is available in each and every community – which runs counter to the recent dismantling of the Minority Development Agency, which will shutter many small resource centers in diverse communities.
Second, philanthropy and lawmakers must make investments in community development financial institutions (CDFIs) so that Latino- and immigrant-owned es can access the funding they need to thrive.
Latino entrepreneurs are half as ly as white-owned es to receive the full amount of funding they apply for.
CDFIs help close this gap by specializing in lending to small es too small for traditional bank loans – from food carts to barber shops – and understanding the unique finances and credit histories of immigrants.
Latino-led CDFIs are more ly to serve Latino clients but only make up 15% of California’s CDFIs.
The Latino Community Foundation launched the Latino Capital Accelerator initiative to support and grow the capacity of these community-based and trusted institutions.
CAMEO Network is a key partner viding said capacity where our collective work essentially supports over 300 Latino es annually by coaching and training Latino-led CDFIs.
Finally, it’s also important that policymakers directly address discrimination in lending, to ensure no owner is turned down because of their name or what they look .
The Federal Reserve found that Latino owners were denied funding at twice the rate of white owners.
The Consumer Financial tection Bureau had finalized a rule that would help root out discrimination in lending by requiring measurement of demographics in small lending, but it will not be enforced by the current administration.
Today, America faces a choice between two economic futures: one that embraces the talents, drive, and contributions of Latino and immigrant entrepreneurs, or one that focuses on an increasingly narrow version of what it means to be American.
The economic data is – we are stronger with an economy that makes room for all entrepreneurs to pursue their dreams. Small ownership has always been at the heart of sperity in America.
Owning a is one of the leading pathways for building wealth in this country.
For immigrants and their children, entrepreneurship represents the mise of America – that hard work, determination, and creativity can lead to a better life.
Latino-owned es could add $1.1 trillion to the U.S. economy if they had the same average revenue as white-owned es.
By in the success of immigrant and Latino entrepreneurs, we’re supporting more than individual dreams; we’re building a more resilient, dynamic, and sperous nation for all Americans.
Undermining and threatening economic power in immigrant communities is bad . When Latino es rise, America rises. Our policies and institutions must recognize this fundamental truth.
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