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Emphasis is placed on Hispanic-owned small businesses. Photo: Pixabay.

New survey reflects optimism among America's diverse small business owners

The U.S. Hispanic Chamber of Commerce (USHCC) recently released the information.

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In partnership with Reimagine Main Street and its corporate partner Nationwide, the USHCC released this new diverse small employer report that sheds light on the current Hispanic-owned business landscape.

The results of the survey, published during Hispanic Heritage Month, present relevant information about the condition of these small businesses in the midst of this period of financial recovery after the impact of the pandemic.

Juan José Pérez, President of Corporate Solutions at Nationwide, stated:

There is no better way to prepare than investing time to build the right risk management network.

Revealing figures

Among some of the most important data found after the survey, the following stand out:

  • Businesses owned by Hispanic/Latino, Black, and Asian Pacific Islander entrepreneurs generated more than $1.7 billion in revenue in 2021, representing approximately 9% of the private sector's contribution to U.S. GDP and more than the contribution of private capital that year.
  • Hispanic-owned businesses alone generate more than $800 billion in annual revenue. However, millions of small businesses, including Hispanic-owned small businesses, were disproportionately affected by the global COVID-19 pandemic and are still working to get back on their feet financially.
  • Most Hispanic business owners are optimistic about the future of their business, despite the fact that 56% of small employers surveyed do not have cash reserves to recover from the pandemic.

“If the pandemic taught us anything, it’s to expect the unexpected. The data shows the importance of small businesses preparing for the next potential risk, whether that’s another financial crisis or more localized business disruption,” added Pérez. 

To see the full survey click here.

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