Helping Latino Veterans Thrive

By Danny Vargas, President, VARCom Solutions and Founder/Chairman/CEO, ALVA

I believe that time is now. Together, as a community, not only can we empower more Latinas to open businesses, but we can support them to scale up and succeed.

While Latina entrepreneurs are the fastest growing group of business owners in the U.S., you are also often the most likely to be faced with barriers. For example, you start businesses at six times the national rate but represent less than 1% of entrepreneurs who receive venture capital. This needs to change. We can improve this by ensuring you have access to the three Cs: capital, capacity building and connections. This extends beyond business owners. More than 12 million Latinas represent a growing share of the U.S. labor pool.

By 2028, Latinos, women and men, are projected to account for a fifth of the workforce. We have the opportunity to assist our community as they make the leap into entrepreneurship as well as provide the resources to help them scale up with a strong labor force.

As consumers, Hispanics represent an economic output of more than $3.2 trillion. If we were a nation, we would be the fifth largest economy in the world. Showing solidarity, doing business with one another only strengthens our reach.

It’s efforts like the LATINA Style 50 Awards & Diversity Leaders program that help leverage success for Latinas. On the heels of the program’s 25th anniversary, I have seen how LATINA Style has used its platform to promote the many accomplishments of Latinas in corporate America and be a tool for career advancement opportunities. These resources and collaborative initiatives are priceless, and it’s no wonder the team has created such a successful business development program for Latina business owners.

They provide the type of investment in Latinas we aim to support at the United States Hispanic Chamber of Commerce. And it’s the work we are committed to doing within our own organization. Representing more than five million Hispanic-owned businesses, every day we see Latinas just like you leading their communities and contributing to this country’s economic growth. And we want to see more of it.

At the USHCC, we are working toward this by helping Latina-owned businesses secure much-needed capital of all types, operating more than 30 small business progras to connect your business to diverse sources of funding. We provide capacity building through training and new grant investments. We establish connections through matchmaking and advocacy to expand supplier diversity opportunities, among other things.

The rate of Latina-owned businesses in the country experienced growth of 87% from 2007 to 2015, according to a “State of Latino Entrepreneurship" Stanford report. The Latina economic force in the U.S. has a long, bright future ahead.

But don’t just take our word for it. In Her Footsteps, our new digital series with our longstanding podcast, kicks off early next year and will feature 10 Latina entrepreneurs on what they have learned running and growing a business, from accessing capital to balancing their family and business needs. Just as LATINA Style continues to accomplish great things, it’s one more way to elevate and celebrate Latina leadership.

Ultimately, together, we must create as many opportunities for Latinas to have the foundation, support and tools needed to grow their businesses. Our economic future as a nation requires it.

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