TAMPA, Fla. — The U.S. Department of the Treasury is reporting an increase in Latinos starting a business. They report an increase in business applications seeing a 50% increase in 2021 to 2023 than in 2018 to 2019.
That increase is also being seen in the Tampa area.
Fabian Yepez is the vice president of the West Coast Florida Prospera, an economic development nonprofit organization that provides assistance to Hispanic entrepreneurs.
He said, “there’s a huge number of Hispanic women opening businesses here. They seem more entrepreneurial than anybody, and I know that it’s growing more than any other group.”
According to Yepez, he said a few years ago they began to see the trend of more women looking to start a business.
Precision and a steady hand, that’s what’s required when it comes to perfecting these cakes, at least for Kristina Lavallee.
She grew up baking as a hobby, which eventually turned into a career. “Just creating it and then seeing their reaction. I love that. I love creating things,” she said.
Lavallee is known as “The cake girl.” It’s the name that inspired her business as well.
She opened her bakery in 2019, following in her families’ footsteps.
“I always had it in me being an entrepreneur, seeing may parents have their own businesses. Like my mom did catering,” she said.
Her Puerto Rican roots inspire some of the sweets she makes in her bakery.
But starting her business wasn’t a piece of cake. She says many banks turned her away because she didn’t meet the financial requirements.
“Being Latina is another thing. A lot of people either know you may not have had a business before, and you have to have numbers and all of that,” she said.
Reports show that Latina-owned businesses have an average of $50,000 in annual revenue.
While Latina entrepreneurs own 36% of all companies owned by minority women in America. And California, Texas, and Florida are the three states with the highest number of Latina entrepreneurs.
“A lot of times people think ‘oh she’s Latina, she’s not going to go far,’ but I always tell people, ‘you know, you only live once. Take that leap of faith. Just go for it,’” Lavallee explained.
Much like the process of baking, she says it takes dedication to follow your dreams and when you achieve them, it’s like icing on the cake.
The Hillsborough County Board of Commissioners also recognized Lavallee in a commendation ceremony, recognizing her commitment to give back through mentoring for culinary students in the county. She’s also looking to open a franchise.
