After speaking to Lea Marquez-Peterson , the president of the Tucson Hispanic Chamber of Commerce as well as two economic researchers from the Eller College of Business who run the Border Economics program, I learned that Latina entrepreneurs are taking the lead in opening new businesses.
From 1997 to 2006, the number of Latina-owned firms increased by 121%, according to a study by the Center for Women's Business that analyzed census data.
According to the the CWB's Current State of Business Report:
Women of color are starting businesses at rates three to five times faster than all other businesses. However, once in business, their growth lags behind all other firms. Businesses owned by women of color are a substantial economic force. The Center for Women's Business Research's biennial update of the number, revenues and employment trends for these businesses was released at the symposium. The findings, underwritten by Wells Fargo, showed strong growth. Between 2002 and 2008, the number of such firms increased by 32 percent, their revenues by a dramatic 48 percent, and their employment by 27 percent. The Center estimates that as of 2008 there are 1.9 million firms owned by women of color, employing 1.2 million workers and bringing in $165 billion in revenues. Women of color comprise 26 percent of all women-owned firms.
-All women, especially Latina’s are getting college degrees at the highest rate ever seen in this country, leading to increased wealth
-Many Latina’s are coming from countries which are not as friendly to female entrepreneurs as the United States, so once they are here, they see the opportunity to distinguish themselves
-Once the ball gets rolling and these women start companies, this leads to more women in the community taking the initiative
Because of the influx of women owned businesses, banks and investors are taking notice. Below is a video of business conference which was held to help Latina’s find the resources to start their own businesses.
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