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Latinos are represented across the entire occupational spectrum says Marie Mora, professor of economics at the University of Texas Rio Grande Valley. Creating opportunities for Latinos means granting them greater access to capital. While this capital exists, it needs to flow and function differently in order to be equitable. The Latino community was targeted for subprime loans before the most recent recession. This has led to a low level of trust in financial institutions. Trust can be rebuilt through better lending practices that meet the needs of minority entrepreneurs and allow them to step out of their networks.
12 percent of all US businesses were Latino-owned in 2012. Additionally, Latinos compose a large share of new entrepreneurs, growing from 10 percent to 20.8 percent between 1995 and 2015. To keep our economy competitive, government and business must help the Latino community realize their potential by understanding their culture, addressing their needs, and creating new opportunities. This means creating better quality jobs and improving the ones that currently exist by providing higher wages and more benefits.
Read the full article about creating more business opportunities for Latinos by Nicole Corea at The Aspen Institute.