As we continue the celebration of Hispanic Heritage Month, one way to support the community is by purchasing from Hispanic/Latinx-owned businesses. In 2016, the Census Bureau found that most of America’s businesses are run by white men. Such inequality continues in the response to Covid-19. ABC News reported that “many minority businesses have had trouble accessing federal aid programs designed to help them remain afloat during the crisis, despite the fact that funds were set aside for them under the CARES Act.” A survey of Black and Latinx small businesses found only about 12 percent received the full amount of money requested.
However, a February 2020 report from the Brookings Institution found that “minority owned businesses (i.e. Black people, Asian Americans, Latinos or Hispanics, and American Indians) in general earn significantly higher ratings than white-owned firms.” In fact, according to the U.S. Small Business Administration, U.S.-born Latino entrepreneurs generate $26 billion in business income, while immigrant Latino entrepreneurs generate $36.5 billion.
Putting your money into action is a seemingly small, but important step in diversifying the entrepreneurial landscape. It also helps ensure these businesses can survive the pandemic. To get some ice cream or buy a piece of art might help guarantee a person’s livelihood. To learn more about Hispanic/Latinx-owned businesses you can support, check out our directory below and hit download for a shareable flyer with direct access to the businesses.
Did we miss a business? Email our editor here so we can be sure to include them!