Latino entrepreneurs are disrupting the business ecosystem in the United States. Recent studies show that Latinos open and grow businesses faster than any other group in the country.
Unfortunately, things haven’t been easy for Latino entrepreneurs who dare to achieve the American dream. They have seen it all, from battling systemic racism to facing rejection from the traditional owners of capital. Again, some immigrants lack proper identification documents and social security numbers, which is a major hurdle to obtaining business credit.
Luckily, there are a few fintech lenders who have started offering ITIN loans for Latino entrepreneurs to immigrants who struggle to get financing due to a lack of social security number (SSN).
Latino entrepreneurs and the economy
Against all odds, Latino business owners have managed to become a force to reckon with in the country. According to the State of Latino Entrepreneurship 2020 study, Latino-owned businesses are the fastest-growing in the United States.
Over the last 10 years, Latino business owners grew 34% against 1% of all other business owners. In total, there are more than 3.3 million Latino-Owned businesses in the United States generating over $500 billion in annual revenue and employing over 3 billion people. That’s huge!
Top six Latino companies and entrepreneurs to emulate
The story of Mike Diaz is an inspiration to upcoming Latino entrepreneurs. Mike is a certified project management professional with a bachelor’s and a master’s degree. He left his management role at CW Wright Construction and started Semper Utilities, a utility contracting business, in 2018.
He prides himself on being the 0.1% Latinos in a field dominated by 99.9% Caucasians. He now employees over 40 people, and his business generates close to $18 million in revenues. He has even purchased a 10-acre farm where he teaches other individuals the trade techniques in the field, like cable splicing, so that they can enter the workforce and succeed, too.
Rea Ann Silva
If you’re in the makeup business, Rea Ann Silva is one of the savvy Latino entrepreneurs to emulate. A single mum and a professional makeup artist, Rea managed to invent the Original Beautyblender, a simple makeup product that’s disrupting the beauty industry.
His makeup products have received endorsements from the world’s most powerful influencers. He also strikes great deals with famous beauty brands like Sephora. Today, her beauty brand is an internationally recognized multi-million-dollar venture.
Are you into the media and TV business? Be inspired by Sofia Vergara who has managed to build herself a fortune worth over $100 million.
An immigrant from Colombina, Sofia is driven by a simple mantra for success. She believes that ” the only way to gain something is to take a risk at something.” No wonder she’s risen to become one of the highest-earning actresses on TV.
She’s also a co-founder of Latino World Entertainment, a media and talent agency that has grown into a multi-million-dollar business. She even strikes advertising deals with big-box companies like Pepsi.
Founded by Jorge Mas Canosa, MasTec is the second-largest Hispanic-owned company in the United States. It’s an infrastructure engineering and construction company based in Coral Gables, Florida, and has been in operation for over 80 years.
MasTec has over 22,000 skilled professionals and generates over $8 billion in annual revenues. The company engages in engineering, building, installation, maintenance, and upgrade of energy, utility, and communication infrastructure.
The company ranked #3 in the Top 600 Specialty Contractors and #2 in the Top Hispanic Businesses 2011.
Founded in 1979, Related Group is one of the most trusted and influential Latino businesses in real estate. Its Chairman and CEO, Jorge Perez, has always been driven by a burning commitment to identify trends and build better cities.
The company is famous for its meticulous designs, finishes, and amenities that transform properties into lifestyle-infused urban neighborhoods. They have built and managed over 100,0000 condominiums and residential apartments, with over $50 billion sold!
Finally, Latinos are taking the lead in the fintech industry. Founded by two brothers whose mother struggled to obtain financing for her business, Camino Financial is an online lending company that offers small business loans to Latino entrepreneurs.
Their core aim is to ensure that “no business is left behind”. That’s why this company offers ITIN loans to Hispanic entrepreneurs who don’t have a social security number(SSN). They even welcome immigrant entrepreneurs with fair credit or no credit.