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USA: The Best And Worst Cities For Hispanic Entrepreneurs

USA: The Best And Worst Cities For Hispanic Entrepreneurs

Posted by Juan Gavasa on September 13, 2014

Hispanics and Latinos now make up the largest ethnic minority in the U.S. By 2050 they will constitute a third of the country’s population, according to census figures and their impact in business continues to grow. Latinos today account for more than 70,000 of the country’s CEOs and the number of Hispanic entrepreneurs has tripled over the past twenty years – surging from around 557,000 in 1992 to over two million in 2012, according to a report by the Partnership for a New American Economy.

Still, some cities in the US are more hospitable to Hispanic entrepreneurs than others, a new study released this week by WalletHub has found. Lack of credit history, language difficulties and difficulty accessing bank loans and small business financing remain serious challenges. Further, access to capital is completely out of reach for much of the undocumented population.

WalletHub says it used 19 key metrics including Hispanic entrepreneurship rates, corporate tax systems and the share of businesses owned by Hispanics in assessing the minority business climate within the U.S’s 150 largest cities. It found, for example that the unemployment rate of Hispanics in Port St. Lucie, FL is six times higher than in Plano, TX and that the share of businesses owned by Hispanics in Hialeah, FL, is 140 times higher than in Cincinnati. The full list is here.

Best Cities for Hispanic Entrepreneurs

1 Pembroke Pines, FL

2 Corpus Christi, TX

3 Laredo, TX

4 Gilbert, AZ

5 Rancho Cucamonga, CA

6 Jacksonville, FL

7 El Paso, TX

8 St. Petersburg, FL

9 Baton Rouge, LA

10 Chandler, AZ

The Worst Cities For Hispanic Entrepreneurs

141 Minneapolis, MN

142 Winston-Salem, NC

143 Detroit, MI

143 Jersey City, NJ

145 Milwaukee, WI

146 Cleveland, OH

147 Newark, NJ

148 Philadelphia, PA

149 Worcester, MA

150 Providence RI

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