Latino-owned businesses are truly making waves in the U.S., and the numbers are impressive. With around 62.5 million Latinos making up 19% of the population, it’s clear that this community is a driving force in shaping America today. According to the Joint Economic Committee (JEC) in Congress, there are nearly 5 million Latino-owned businesses in the country, contributing a jaw-dropping $800 billion to the U.S. economy every year. That’s not just pocket change; it goes to show how vital Latino entrepreneurs are in Cerritos and nationwide. What makes this even more exciting is that almost one in four new businesses starting up these days are Latin-owned, which means they’re kicking things into high gear and creating jobs left and right. In fact, businesses that are less than five years old rake in an average of 1.5 million new jobs each year, and help to enrich communities.
A Trillion-Dollar Opportunity
Here’s where it gets even more interesting: if Latino-owned businesses continue to grow at the average rate of U.S. businesses, it’s estimated that they could add an incredible $1.4 trillion to the economy. According to JPMorgan Chase, this would boost the current $18 trillion U.S. economy by nearly eight percent. However, Latino entrepreneurs often face unique challenges when it comes to funding their dreams. A staggering 70% of their funding comes from personal savings, while only about 6% is sourced from commercial loans. This highlights the resilience of Latino business owners who are willing to put their savings on the line to make their dreams a reality. Needless to say, there’s definitely a need for more accessible funding to help these entrepreneurs take their businesses to the next level, and seeing how much they contribute emphasizes just how beneficial it would be for everyone.
Spotlighting Local Gems
In Cerritos, several Latino-owned businesses stand out for their amazing products and incredible service, and it’s time we shine a spotlight on them. A personal favorite is La Vida Coffee, owned by the dynamic duo of Jaime and Marisela Guevara, who have created a cozy spot for coffee lovers that just feels like home. Then there’s Tacos Los Cholos, run by the passionate Carlos Chavez, where the tacos are so good, you’ll find yourself coming back time and again. And we can’t forget about Los Cerritos Mexican Grill, owned by the lovely Jose and Leticia Ramirez, who have built a beloved space known for its warm atmosphere and delicious food.
Key Ingredients for Success in Business
When it comes to running a successful business, three key things really make a difference, and Latino-owned businesses definitely know how to hit the mark on these. First off, making a great first impression is crucial, and it’s something these businesses put a ton of emphasis on, from the moment you walk through the door. The atmosphere is very welcoming; with cozy vibes and a friendly smile, it instantly makes you feel right at home, which sets the tone for a fantastic experience.
Then there’s the importance of exceptional and fast service—nobody wants to wait around; so, these businesses make sure they’re attentive to the customers’ needs, so that they’re taken care of promptly while also providing that personal touch that keeps them coming back for more. And let’s not forget about cleanliness, which is an absolute must for any successful place; professional cleaning services make sure everything is spick and span, creating a tidy and safe environment where customers can relax and enjoy their time.
The future looks bright for Latino entrepreneurs, and with more support and resources, they could continue to change the landscape of American business in incredible ways. So next time you’re in Cerritos, be sure to stop by and show some love to these fantastic local gems; they’re working hard and making a difference every day.
