Entrepreneurial Latinas: A growing power
Hispanic women are taking the lead in several areas as entrepreneurs and heads of households. Proud of their heritage, they show they are the ones who have the power.
Facing of the feminist movement of this century and female empowerment, Latinas have a lot to say. According to a survey conducted by HOPE, Latino Victory and NBC Universal Telemundo, Hispanic women, compared to non-Hispanic women, are more interested in starting their own businesses and resuming their education.
Twenty percent of Latinas surveyed say they are considering starting their own business, compared to 12% of non-Latinas. Similarly, 58% of Latinas are considering continuing their higher education, compared to 41% of non-Latinas.
Along the same lines, in January 2021, Stanford University revealed a study on Latino entrepreneurship in the country. And although it is the group that has opened the most small businesses in the last 10 years (34% compared to 1% overall growth), it is the one to receive the least financing from the banking system.
"Latino-owned businesses with employees are less likely than white-owned businesses with employees to have loan applications approved by national banks, despite having strong metrics on a variety of key lending criteria," the study notes.
This data comes at a time when millions of people across the country are trying to recover from the economic effects of the COVID-19 pandemic, which particularly affected the nation's Hispanic community.
According to a UCLA study, Latinas lost the most jobs at the onset of the pandemic, as 20.2% of them had lost their jobs by April 2020. This was because one of the main sources of jobs for the community is in the hospitality and service sector, which was heavily affected by closures and lockdowns.
But this scenario has not decimated their enthusiasm or intentions to get back on their feet. Not only are they willing to start their own businesses or to take them forward (10% of Latinas have their own business), but they also take care of their families (six out of 10 consider themselves the "bosses" of their households).
The survey also revealed that at least 50% of Latinas live with and/or take care of relatives, children, parents, grandparents and other extended family, and one in four have experienced the loss of a family member to COVID-19.
But not only do Latinas care for their families, they increasingly want and understand the importance of participating in community decisions. Sixty-three percent of Latinas were registered to vote in the 2020 election and 58% did so. They are involved in the political processes and representation of their community, eight times more interested in voting for a female candidate than for a male candidate, and seven times more interested in voting for a Hispanic representative than for a non-Hispanic.