Interesting article. Not only do Hispanics account for the growth in population that Vitus will tell you is critical for America's future stability, but they are spurning on business growth.
http://www.washingtonpost.com/wp-dyn/content/article/2006/03/21/AR2006032100532_pf.html
Study Shows Increase in Hispanic Entrepreneurship
By Krissah Williams and Cecilia Kang
Washington Post Staff Writers
Tuesday, March 21, 2006; 1:39 PM
Hispanics are opening businesses at a rate that is three times faster than the national average, according to a report released today by the U.S. Census Bureau. There are nearly 1.6 million Hispanic-owned firms in the country, and they generated $222 billion in revenue in 2002.
Nearly one-fourth of those companies opened between 1997 and 2002. The last time the Census Bureau counted in 1997, there were 1.1 million Hispanic-owned businesses and they had revenue of $186 billion.
Growth has been even faster in the Washington region, which is now home to several bustling enclaves of Hispanic-owned business and tens of thousands of entrepreneurs. But that growth has taken place outside of the District, where the number of businesses owned by Latinos grew by only nine to 2,162. Companies instead have been following the region's Latinos to the suburbs.
Montgomery County was the most popular location in Maryland for Hispanic entrepreneurs, with almost half of the state's Latino-businesses located there. That county alone is home to 7,405 businesses owned by Latinos, up from 5,669 in 1997. It is nearly matched by Fairfax County, which is home to 7,302 such firms, up from 4,960 in 1997.
Many of those companies have been started by immigrants who arrived more than an decade ago looking for jobs, said Michel Zajur, president of the Virginia Hispanic Chamber of Commerce. Those earlier immigrants worked long hours, saved their earnings and are now starting a new economic phase for the Hispanic community: business ownership.
"It shows that Hispanics are pursuing the American dream," Zajur said. "When you come here as an immigrant, you are taking a chance and that is what starting a business is all about."
Jose Merino reflects that trend. Without socks or a dollar in his pocket, the native of El Salvador began to work his first hour in the United States, shoveling snow off the sidewalks in front of businesses in Alexandria. For years, Merino and his family struggled, toiling at maintenance jobs and stashing away as much money as they could each month to open their own business.
Two decades later, with the help of his wife, children and brother, Merino opened his first restaurant. Today he owns three restaurants in Alexandria, Woodbridge and Falls Church with a staff of 60.
"I never dreamed I could have this much," Merino said. "It was very difficult, but it can be done. That's the message I hope others will hear."
Most Hispanic businesses are small. Nationally, only 12 percent have paid employees. Many of those businesses face obstacles, the largest of which is the language barrier, said Daniel Flores, president of the Greater Washington Ibero American Chamber of Commerce, the region's oldest Hispanic business group.
"A lot of the Hispanic businesses are lost in the process, and many times they don't know who to go to," Flores said. His group has begun hosting business-development workshops in Alexandria, where there are more than 1,000 Hispanic-owned businesses. Soon they plan to do the same in Fairfax and Montgomery.
When there was little help from banks and business organizations that traditionally aid small businesses, Hispanics turned to family and friends for financial help, Zajur said.
"The family is an important part of Hispanic culture," Zajur said. "Children are raised to help parents, and brothers and sisters help each other. It's embedded in the culture, and you see that in many of the small businesses here."
The report is part of the bureau's Economic Census, which surveys more than 2.4 million businesses. Data outlining changes in the number of black-owned and Asian-owned businesses will be released later this year.
© 2006 The Washington Post Company
http://www.washingtonpost.com/wp-dyn/content/article/2006/03/21/AR2006032100532_pf.html
Study Shows Increase in Hispanic Entrepreneurship
By Krissah Williams and Cecilia Kang
Washington Post Staff Writers
Tuesday, March 21, 2006; 1:39 PM
Hispanics are opening businesses at a rate that is three times faster than the national average, according to a report released today by the U.S. Census Bureau. There are nearly 1.6 million Hispanic-owned firms in the country, and they generated $222 billion in revenue in 2002.
Nearly one-fourth of those companies opened between 1997 and 2002. The last time the Census Bureau counted in 1997, there were 1.1 million Hispanic-owned businesses and they had revenue of $186 billion.
Growth has been even faster in the Washington region, which is now home to several bustling enclaves of Hispanic-owned business and tens of thousands of entrepreneurs. But that growth has taken place outside of the District, where the number of businesses owned by Latinos grew by only nine to 2,162. Companies instead have been following the region's Latinos to the suburbs.
Montgomery County was the most popular location in Maryland for Hispanic entrepreneurs, with almost half of the state's Latino-businesses located there. That county alone is home to 7,405 businesses owned by Latinos, up from 5,669 in 1997. It is nearly matched by Fairfax County, which is home to 7,302 such firms, up from 4,960 in 1997.
Many of those companies have been started by immigrants who arrived more than an decade ago looking for jobs, said Michel Zajur, president of the Virginia Hispanic Chamber of Commerce. Those earlier immigrants worked long hours, saved their earnings and are now starting a new economic phase for the Hispanic community: business ownership.
"It shows that Hispanics are pursuing the American dream," Zajur said. "When you come here as an immigrant, you are taking a chance and that is what starting a business is all about."
Jose Merino reflects that trend. Without socks or a dollar in his pocket, the native of El Salvador began to work his first hour in the United States, shoveling snow off the sidewalks in front of businesses in Alexandria. For years, Merino and his family struggled, toiling at maintenance jobs and stashing away as much money as they could each month to open their own business.
Two decades later, with the help of his wife, children and brother, Merino opened his first restaurant. Today he owns three restaurants in Alexandria, Woodbridge and Falls Church with a staff of 60.
"I never dreamed I could have this much," Merino said. "It was very difficult, but it can be done. That's the message I hope others will hear."
Most Hispanic businesses are small. Nationally, only 12 percent have paid employees. Many of those businesses face obstacles, the largest of which is the language barrier, said Daniel Flores, president of the Greater Washington Ibero American Chamber of Commerce, the region's oldest Hispanic business group.
"A lot of the Hispanic businesses are lost in the process, and many times they don't know who to go to," Flores said. His group has begun hosting business-development workshops in Alexandria, where there are more than 1,000 Hispanic-owned businesses. Soon they plan to do the same in Fairfax and Montgomery.
When there was little help from banks and business organizations that traditionally aid small businesses, Hispanics turned to family and friends for financial help, Zajur said.
"The family is an important part of Hispanic culture," Zajur said. "Children are raised to help parents, and brothers and sisters help each other. It's embedded in the culture, and you see that in many of the small businesses here."
The report is part of the bureau's Economic Census, which surveys more than 2.4 million businesses. Data outlining changes in the number of black-owned and Asian-owned businesses will be released later this year.
© 2006 The Washington Post Company