Top Hispanic Owned-Companies winning big in the United States
Tue | March 2022
At this point, the Hispanic community is at the forefront of entrepreneurship in the US. By 2050, Latinos will make up 25% of the US population. We put together a guide about the top four industries where Latino business owners are winning big!
As a company proud of its diverse employee base of Latino employees, we are excited to share some resources to hopefully inspire all Latino and Hispanic entrepreneurs to take that leap into becoming business owners. If you are already a business owner, we think you will also find these resources helpful!
Some vital statistics about Hispanic-owned businesses
According to the US Hispanic Chamber of Commerce, this powerful force owns 4.7 million Hispanic-owned businesses nationwide and generates $800 billion in revenue annually.
Latino-owned businesses continue to start businesses at a faster rate than non-Latinos. In the last ten years 44% growth in the number of companies to just 4% for non-Latinos.
In 2021 Latino businesses generated $2.75 trillion of total economic output by Latinos in the United States.
Latino business owners are more likely to be building for the long term — they are twice as likely to report that their primary goal as entrepreneurs is to run a business that their family can inherit.
What are 4 top Hispanic-owned businesses?
It's hard to choose only four industries where Latino business owners thrive; their success has expanded throughout many different areas. According to the 2020 State of Latino Entrepreneurship, the fast growth in the number of Latino-owned businesses across virtually all industries is construction, finance, and insurance; transportation and warehousing; and real estate.
Thankfully, Hispanic business owners are more powerful than a set of statistics. Below we will go over some remarkable success stories and learn more about the industries where Hispanics have thrived.
1. Construction industry
Currently, 27% of all construction workers in the country are Hispanic, and this number has increased by 55% between 2011 and 2019. The good news is construction still constitutes one of the most popular industries for Latinos, so what's the downside? Latinos are not creating and taking ownership as fast as they are employed.
This is why it's important to applaud outstanding Latino entrepreneurs who have climbed to the top, like Coral Gable's MasTec Inc, the second-largest Hispanic-owned company in the United States with over 20,000 employees, founded by Cuban-American Jorge Mas Canosa. It's also crucial to keep encouraging Latinos in this industry.
Below you can find some helpful resources for Hispanics in the construction company:
2. The technology industry
We think Latino tech companies are just like supernovas waiting to explode into success- they have unheard potential. There are uncountable success stories, like Jordi Munoz, a Tijuana native who hacked his Nintendo Wii to create the first autopilot drone and became the co-founder of 3D Robotics. This company now has more than 30,000 customers worldwide and generates $85 million in venture capital.
Or how about Cynthia Rubio's Radiant RFID tech company? Rubio's company created RFID wristbands to track pallets as they moved across the country. These companies assisted around 27,000 displaced people evacuating after Hurricane Gustav and Ike and have already generated $4 billion in assets.
The Hispanic community in the US has tight bonds with tech; a recent Nielson report shows that 35% of Hispanics are the first in their social groups to try out new devices. Yet, they are still under-represented. In 2014, they only made up 8% of the high-tech sector and 13.9% of the private sector; partly because they must jump countless hurdles to come first in the tech race: they don't have as many networking opportunities, biases during the hiring process, and inequitable education opportunities. Thankfully, many organizations are advocating for change.
Below you can find some helpful resources for Hispanics in the technology industry:
3. The food industry
The Latino community expands, and the love for Hispanic food grows fonder year after year—great news for Latino business owners who want to venture into the culinary world. According to the US Bureau of Labor Statistics, Hispanics are 25% or more of the national food service workforce.
Hispanics are 18% of the US population and have a buying power worth over $1 trillion. So saying they are a critical group for retailers and food service operators is an overstatement. This powerful demographic group is not just expanding cultural flavor and culinary diversity but also generating jobs and revenue throughout the US.
Even if one-fifth of all restaurant managers and supervisors are Hispanic, there's still a long way to gain validity and reputation in the culinary field. Only 2.4% of nominates for the James Beard best chefs have been Hispanic since 1991. The demand for Hispanic food has never been higher. Empowering and encouraging Latinos and Latinas in the culinary and food industry is more vital than ever.
Below you can find some helpful resources for Hispanics in the food industry:
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The real-estate industry
The real estate industry has a high influx of Hispanics willing to invest and build profitable real estate empires. According to the National Association of Realtors, this is especially true in Florida, where Hispanics now make up 30% of all real estate transactions.
As some real estate companies cease meeting the expectations of Hispanics who want to reach leadership positions, many business owners opt to build their profitable businesses. Jorge Perez, the founder and CEO of Related Groups of Florida is a great example. He began with a passion for affordable housing and then switched to high-end condo construction worth $1.7 billion.
Below you can find some helpful resources for Hispanics in the real estate industry:
Guiandote a casa
Real Estate Latino
Bienes Raices America
Latin American Association of Insurance
Funding a business as a Hispanic entrepreneur
One Park Financial is a friendly funding alternative for Hispanic business owners. Latino entrepreneurs have inspired us with their perseverance and strong will. If you're a Latino business owner looking for the best funding option for your business, why not opt for One Park Financial's alternative funding programs? Our funding experts can guide and inform you about the best decision for you and your business.
In addition, One Park Financial can give Latino businesses personalized guidance because their bilingual customer service aims to break language barriers. Not only that, our small and mid-sized company funders who work with entrepreneurs aren't looking for a perfect credit score, just for businesses with great potential.
Filling our online application form will only take minutes, and once you qualify, you can get the working capital deposited into your account in less than 72 hours!
Disclaimer: The content of this post has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. Consult with your tax, legal, and accounting advisor before engaging in any transaction.