PHOENIX - A new report shows that the number of Hispanic-owned businesses in the country, and here in Arizona, has nearly doubled since 2003. The report forecasts that two-thirds of these businesses plan to expand in the next coming years.
The Arizona Hispanic Chamber of Commerce released its 17th edition of the DATOS: Focus on Arizona's Hispanic Market report during a breakfast conference at the Phoenix Convention Center Tuesday.
The study provides a detailed review and analysis of the Hispanic economic market in Arizona and nationally, according to the Chamber's website.
Luis De La Cruz, a Hispanic owner of a multi-million dollar construction business in the Valley, attributes his success to federal resources geared towards helping minority business growth.
He took advantage of workshops in the area that were put together by the local chapters of the Small Business Association and the Minority Business Development Agency.
“(The workshops) can range from management…motivating employees… financial risk assessment,” said De La Cruz. “ It can range from being able to identify the things you need right now to build your business.”
The report said Arizona's estimated 67,500 Hispanic business owners has doubled since 2003 and is expected to double again by 2035.
Other findings in the report:
- Estimated 67,500 Hispanic business owners in Arizona.
- 43 billion a year in goods and services is purchased by Hispanic businesses.
- Mexico is Arizona's largest export market: $6.3 billion.
- One-third of Hispanic business owners are immigrants.
- One-third of Hispanic business owners are women.
- 67 percent of business owners indicated expanding in the next few years.
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