NewsLocal News

Actions

The number of Latino business owners is expected to grow

latinobiz.png
Posted at 10:27 PM, Nov 07, 2022
and last updated 2022-11-07 23:27:23-05

CORPUS CHRISTI, Texas — The number of Hispanic business owners increased 34% in the last decade, compare that to a 1% increase among non-Hispanic business owners.

After 70 years of serving the Coastal Bend community, Eduardo Martinez, the owner of Coastal Sweeping Services Inc, is continuing a legacy his grandfather started.

“I’m hoping to pass this down to my girls. That’s the biggest thing. I have them in the trucks with me, they ride with me. They see what I do,” said Marrtinez.

The Joint Economic Committee estimates Hispanic employer businesses employ about 1 million workers, with more than $100 billion in annual payroll.

Martinez said he has employed 3 new people this year alone and they’re all working full time.

“These are younger guys that I didn’t think they would enjoy it, but they enjoy the job, and they enjoy the pay,” he said.

More opportunities are coming for those who are looking for work.

In downtown Corpus Christi, Hype Byke is a part of the nearly 1 out of 4 new Hispanic owned businesses.

The owner, Melanie Salinas, is offering a solution to the limited resources for cyclist in her shop.

“I see it growing. I’d like to bring more jobs to the area. I’d like to fulfill the need of the cycling community. Also be a driving force for safety in our cycling community,” Salinas said.

Salinas admits getting to where she is now wasn’t exactly easy.

“I was fearful that a lending institution wouldn’t be as open minded to my ideas or background,” she said.

AJ Brooks Ruiz who owns Buen Provecho, a taco restaurant said he expects there will be more Latino business owners in the future.

“There is no reason for us to feel held down or why we should stop ourselves. We should all just come together and build each other up and continue to grow as a community and as entrepreneurs,” Ruiz said.

JP Morgan and Chase project Latino entrepreneurs to make up 29% of the U.S. population by 2050, up from 17% today.

Becoming a bigger part of the total U.S. market.