Revenue Is Soaring for Hispanic-Owned Companies

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The average revenue of Latino-owned restaurants, retail stores, construction companies and other small businesses in the US has skyrocketed by 46.5 percent in the past year, surpassing earnings growth in non-Latino businesses by as much as 12 percent, according to an annual study by online lender Biz2Credit.

New York ranks third behind California and Texas in the number of Latino-owned small businesses and has been a big part of the national boom, which is a reflection of the growth of the US Hispanic population in general.

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A surge in approvals and access to loans from the Small Business Administration and other lenders has contributed to the good fortunes of Latino commerce in a strong economy. And many in the Latino business sector are mostly shielded from the downsides of the tariff wars, which have hurt manufacturers and other large enterprises. Analysts also note that overall economic indicators for large sections of the Latino population have been steadily rising for a generation.

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The average revenue of Latino-owned US businesses improved greatly in 2019, increasing to $479,413 from $327,189 in 2018, according to Biz2Credit’s study.

Credit applications for the sector have jumped by 23 percent in the past year.

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Rohit Arora, CEO of Biz2Credit, who handled the latest study of 3,000 Latino-owned businesses nationwide that utilized the lender’s platform, said that the numbers for Latino businesses in New York City closely paralleled the national figures.

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