As we celebrate Hispanic Heritage Month, it is vital to recognize the contributions of Latino and Hispanic entrepreneurs in Utah. In our work at Suazo Business Center (one of the only businesses in Utah with a Latina CEO and board chair, where 90% of our clients come from minority backgrounds), we have seen firsthand how hard these entrepreneurs work to overcome obstacles like lack of access to business education, financial barriers and limited professional networks.
We know that when minority entrepreneurs receive the support they need, they thrive. A Kauffman Foundation study showed that minority business owners are 4.5 times more likely to start their businesses out of necessity rather than opportunity. Nationally, minority-owned businesses are 10% less likely to be approved for loans, and minority-owned businesses are 20% more likely to fail in the first two years. Despite these challenges, the more than 24,000 Hispanic-owned businesses in Utah are crucial to our state’s economic fabric.
By investing in minority entrepreneurs, we uplift entire communities and contribute to the state’s economic diversity. As we honor our heritage, let’s continue to build a future where Latino and Hispanic entrepreneurs can flourish.
Silvia Castro Bennett, CEO, Sandy
Lorena Riffo Jenson, Board Chair, Salt Lake City
