As a follow-up to our recognition of Women of Color in business and advocacy, we take a moment to share information on Latinas in entrepreneurship. Again, the themes of persistence and empowerment shine through the facts and biographies below.
Results from the 2017 State of Latino Entrepreneurship Report highlight barriers to success that Latino entrepreneurs face such as limited access to central resources. For example, for the average Latinx startup, 70% of startup funds must come from personal savings while only 6% comes from commercial loans. This rate is comparable to rates for Asian and Black-owned businesses but is significantly higher than White-owned firms. Furthermore, only half of the 1.3 million Latino-Owned Businesses (LOBs) surveyed in this report had secured some type of outside funding. Even so, Latino-owned firms are outpacing the growth rate of all other demographic groups, with women-owned businesses playing a substantial role in growth indicators.
The 2017 State of Women-Owned Businesses Report shows the incredible growth and contribution of Latina-owned businesses, specifically. In 2017, Latinas owned 17% of all women-owned businesses. This breaks down to approximately 1,996,500 firms which employed 599,700 workers and generated $103 billion in revenues. Moreover, the number of Latina-owned firms has grown 7% over the past year compared to just a 9% annual growth over the past decade. Latina business leaders are clearly setting the pace for continued growth in 2018.
In Arizona, a 2017 report from the Hispanic Chamber of Commerce reveals that the number of Hispanic women entrepreneurs has tripled since 2007, making Latinas the majority owners of Latino-owned companies. This also makes Latinas the fastest growing segment of business owners in the nation. What is more impressive is that this feat was accomplished throughout the great recession; Latina entrepreneurs opted to act and start a business of their own despite uncertain economic times.
We invite you to take some time to learn about just a few of the many amazing Latina entrepreneurs who are breaking through barriers while paving the way for those who follow.
- Patricia Funegra, a social entrepreneur and activist, founder and CEO of La Cocina VA, Dyan Medina Gibbens, former Air Force Captain, now founder and CEO of the drone company Trumbull Unmanned, Claudia Mizra, an immigrant from Colombia, founder and CEO of Akorbi, a global provider of multilingual services and staffing, and Lili Gil Valletta, CEO and co-founder of CIEN+ and CulturIntel, all sat down with President Trump to discuss some of the challenges that minority entrepreneurs face. Read about it here.
- Geisha Williams, CEO of Pacific Gas and Electric Company, is the first and only Latina CEO heading a Fortune 500 company.
- Nely Galán, founder of Galán Entertainment, created The Adelante Movement, which provides tools, training and events for Latina women who want to start their own businesses. Read more about her here.
- Sofia Boyer (Magnolia Creative Studio), Angela Dominguez (Author and illustrator), and Mercedes Sanchez (BeChicMag.com) were all recognized by Forbes as inspirational Latina business kick starters. They share their stories and tips for success here.
- Brittany Chavez and Raquel Garcia founded Shop Latinx, a directory to help find and support Brown-owned businesses. Read more here.
Latina entrepreneurs often move into professional associations that support their business goals. For example, Hispanic Women in Leadership (HWIL) is a nonprofit providing support to Latinas in several arenas including professional interaction and leadership, and LastinasinBusiness.us connects business owners and helps them attract customers to their businesses. The collective support and platform that these organizations provide play a key role in creating space for an increased representation of Latinas in U.S. entrepreneurship.
We invite Latinx entrepreneurs to share their stories below.