Hispanic owned businesses are booming. Nationwide in the past three years the number of Hispanic-owned businesses has grown at a rate 15 times faster than the growth rate for all companies. Additionally, revenue at Hispanic-owned companies has surged 88 percent to a projected $661 billion this year, according to a study by the firm Geoscape and the United States Hispanic Chamber of Commerce. Its New Jersey Chair is Carlos Medina. He told NJTV News Anchor Mary Alice Williams that Hispanic-owned businesses have increased as many entrepreneurs have arrived to the U.S. from other countries.
“A lot of entrepreneurs that come from other countries,” Medina said. “They’re hitting a ceiling where they are, they’re leaving for political reasons and many are over educated and so they’re coming to the United States and particularly New jersey and they can’t find the job that meets their skill level, so they take the chance. They have an entrepreneurial spirit and they rather open up their own practice than work for somebody else.”
When asked what the increase of Hispanic-owned businesses mean to the overall economy, Medina said that it is a great thing and that there are statistics that say about half a million Hispanic immigrant entrepreneurs started businesses when the country was in a recession.
According to Medina, since the last Census, Hispanic-owned businesses have increased and he estimates about 80,000 Hispanic owned businesses are contributing over $10 billion to the economy.
While there has been an up-tick in membership at the Hispanic Chamber of Commerce, Medina said that many Latinas are also starting businesses and that they want to do business.
On Oct. 16, the Hispanic Chamber of Commerce will be holding its 25th Annual Expo at the Brownstone in Paterson. Medina said there will be a keynote speaker at the event and that Jersey City Mayor Steve Fulop and Paterson Mayor Jose Torres will be in attendance.
“It’s a wonderful event, many of the events are free and the luncheon is the only thing that has a small charge,” he said.
The Hispanic Chamber of Commerce has started an accelerator program, co-venturing with Bergen County Community College, that they will launch within the coming weeks.
While Hispanic heritage month continues, Medina said that it helps put a different perspective on what Hispanics have contributed to the U.S.
“It’s a time to put a different perspective on what Hispanics have done for the United States and particularly in New Jersey. There’s so many success stories, the Goyas, the North East Construction, that really add value to our everyday life, and individuals such as Donald Trump are only talking about the few negatives. So, it’s important to highlight the positive, what they do for the economy,” he said.