Calling all entrepreneurs! The clock is ticking on one of the most important days of the business calendar year to celebrate. September 14 is Latino Business Day. We’re still a few months away, but proper preparation time is needed to make this one of the most impactful days to recognize the strength, passion, and growth of Latino/Hispanic entrepreneurs. We encourage you to join the steadily increasing number of businesses and franchises participating in this event.
September 14 has been designated as the day to recognize the outstanding accomplishments of the Latino business community and create a brighter future for everyone. The Support Latino Business (SLB) coalition was formed in 2018 to help this marginalized community raise the necessary resources to survive and thrive for multiple generations. The organization has since led many efforts to advance the opportunities available for these powerfully productive and impactful entrepreneurs.
Reasons to Promote and Celebrate Latino Businesses
There are many reasons to promote National Latino Business Day. Let’s examine five of the most important.
A Proud and Productive Talent Pool
First and foremost, the Latin/x community is known to be a proud and productive workforce. A big part of the culture is to work hard and take pride in the results.
Although a significant number of this demographic owns and works in restaurants and small shops, members of the community are taking their talents to other sectors as well. They’re getting an education that’s setting them up to produce as “A” players in the technology industry, insurance, medical facilities, and more.
A Major Contributor to the U.S. Economy
According to the mentor-led startup launch and growth machine, SCORE, Latin/x and Hispanic companies generate over $800 million in the U.S. economy annually. Think about the effect that kind of money can have on various federal programs and initiatives. Most recently, $800 million was made available to help alternative fuel providers recover their losses from the pandemic. The same dollar amount was spread over 500 programs to provide safer roads for travel and diminish the number of traffic fatalities. Another $800 million was put toward an international effort to reduce the effects of climate change by protecting our oceans.
Think about this a little further. What could $800 million do for education? Healthcare? Feeding the homeless population? The options are limitless, and it’s all thanks to the Latin/x business community for moving forward with their entrepreneurial dreams.
Hispanic businesses are growing at a faster pace than any other demographic in the United States. Since 2012, they’ve been opening the doors of small businesses nationwide at a rate of 44%, according to data from the startup launch and growth machine, SCORE.
If that 44% doesn’t somehow impress you, consider that non-Latin/x-led ventures are only growing at about 4%, according to the same analysis. Doesn’t it make sense to promote the demographic producing new ventures more than any other?
America needs the jobs this ambitious and impactful force generates in our economy. By helping this community succeed, you help everybody raise their standard of living and everyone else’s around them. When more people can afford nice homes, cars, and other opportunities for betterment, the country elevates its positioning in the world. Support Latino Business Day, and everyone wins.
Why Don’t the Numbers Add Up?
So now we know that one demographic infuses hundreds of millions of dollars into the economy every year; it creates jobs and helps to raise the standard of living for everyone. That group of people must be getting support from everywhere, right? Unfortunately, that is not the case.
Many minority business owners still report that funding for startup capital and financing to expand or improve is a major obstacle. They are also more likely to tap into personal funds to help their businesses.
Fortunately, there are organizations looking to change this inequality. Several loans and grants are specifically designed to help Hispanic entrepreneurs get the resources they need to begin their dream endeavors and make them last.
Diversity, Equity, and Inclusion (DEI) Plays a Major Role in Creating a Brighter Future
Speaking of inequality, DEI remains a hot-button issue for organizations of any size. We still have a long way to go when it comes to helping people from marginalized communities succeed in their professional lives. Race is not the only factor. Gender, religion, and other aspects of various backgrounds continue to play far too big of a role in deciding who gets hired, promoted, funded, or simply recognized for their accomplishments.
By supporting Latino Business Day, you make a loud and clear statement about DEI. You’re telling the world that more is needed to power this initiative. It’s not enough to think about DEI as a necessary action plan. You must participate in enacting that change. With that in mind, there are many ways you can do so. Start by putting September 14 on your calendar and consider one of the following five ways you can support this worthy and vital cause for all communities.
How You Can Participate
By now, you should be convinced that the celebration is in order. Let’s get to the various ways you can participate.
- Become a partner of the SLB.
- Proclaim National Latino Business Day as an official day of recognition in your local area.
- Make a donation to the SLB impact fund.
- Nominate a business that’s doing something exceptional to support Latino business day.
- Join the SLB network.
Contact the SLB on their website for more information on any of these options for participation.
A Proud Partner of the Latin/X Community
Another way you could participate is by joining a franchise that has had a proud partnership with the Latin/x community for many years. If you’re business savvy and looking to invest in a new opportunity, contact Freeway Franchise at 1-877-3024 or fill out our quick online form. We have franchise opportunities available in numerous communities all over the country. Our representatives are standing by to answer all your questions about getting started and becoming our latest success story!