According to the Stanford Latino Entrepreneurship report Latinos felt immediate impact to their businesses due to COVID pandemic. And their impact was higher than any other ethnic group, Porque (Why) For one less cash reserve as it is believed that a substantial amount of Latino businesses are self-funded so most of the profits are immediately reinvested. Another issue was the ability to apply and receive PPP loans, they received 50% less in loans than their White counterparts.
By Alberto Govea
In addition, Latino unemployment also exceeded the national average during peak COVID lockdown period. This has been partly explained by the fact that the industries least affected by the pandemic was/is the fiancé and information industries. This coupled with the fact that the majority Latino business are in the service, construction, and delivery industries.
Still again according to the Stanford report the average income of Latino Businesses have grown 10% in last year. Pero (But) only 6.7 percent of Latino business report being profitable. When you compare that with 14 percent for the general business owners, we have work to do. However, many of businesses are expected to grow in the post pandemic era and if President Biden can convince the legislation to approve a much-needed infrastructure bill construction will boom and bring all kinds of money into the Latino community. How can we prepare for a boom, lets discuss next time?
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