The Hispanic-American Business community is a strong and growing one throughout the US and our Mid-Atlantic Region.
Consider these facts:
- 24 firms from the Hispanic Business 500 are in the WMADO District (DC = 5, VA = 13, MD = 6)!
- The number of Latino-owned businesses in the United States increased by 43.7 percent from 2002 to 2007.
- That rate of increase is more than twice the national average of 18 percent during the same time period for all businesses.
- Hispanic-owned firms generated more than $345.2 billion in sales in 2007, an increase of 55.5 percent over 2002.
- Hispanic businesses in the Washington area grew three times as fast as local businesses overall between 2002 and 2007, growing revenue 79.2 percent to $7.65 billion.
But we continue to need support!
- SBA Lending to Hispanic businesses down 57% since 2007, compared to 30% decline overall. Latino businesses disproportionately impacted by the recession.
- Small Business Jobs Act, expanded SBA loan programs, etc., will provide very important backing at a critical moment for these firms.