Latino Business Day
Hispanics and Latinos are also essential workers, but unfortunately, they're also the group whose unemployment rate has risen sharply. Both communities are key to the U.S. recovery and you can help even more by supporting Latino Business Day. Support Latino Business

Thanks to Support Latino Business (SLB), the Hispanic and Latinx community can celebrate the National Latino Business Day on September 14.

SLB is a nonprofit dedicated to highlighting the significant contributions of the Latinx small business community. 2020 marks the second annual Support Latino Business Day, and the event will be commemorated across the country in the cities of Austin, Boston, Charlotte, Dallas, Denver, District of Columbia, El Paso, Houston, Lawrence, Los Angeles, McAllen, Oakland, Orlando, Philadelphia, Phoenix, San Francisco, and more. Mayors of big cities where the Hispanic and Latino community are predominant will also take part in dedicating the day to the business owners.

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To continue their intention of championing Latino/x small businesses, the nonprofit decided to celebrate every year, one day in advance of Hispanic Heritage Month, to highlight the significant contributions of the Latino/x business community and to invite people to shop, celebrate, and support these small businesses.

“We believe that Hispanic Heritage Month is every month of the year. We encourage you to support Latino and Latina-owned businesses during the month of September and every month,” said Ramiro A. Cavazos, President & CEO, United States Hispanic Chamber of Commerce. “The purchasing power and consumer influence of our community should not be underestimated at a $2.3 trillion contribution towards GDP. Think of local and small businesses when you make purchases and vendor decisions.”

After the generous donations from supporters, Support Latino Business can launch the Support Latino Business Impact Fund to provide grants to Latino/x-owned small businesses across the country. To be eligible, companies must be majority Latino/x-owned and have been in business for at least one year and register to be part of the FREE Support Latino Business Directory. Grants must be used to directly support the applicant’s business. The Support Latino Business Board will review the applications and select the recipients.

“We are at a critical juncture for the well-being of Latino entrepreneurship,” said María Samaniego, senior program manager at The Aspen Institute Latinos and Society Program. “Owning one in four of all new U.S. businesses, Latinos were starting new companies at more than twice the rate of other groups combined. Support Latino Business Day can have a monumental impact on Latino-owned businesses transitioning through the COVID-19 recovery. Every dollar spent at a Latino-owned business supports them in creating jobs, sustaining families, bolstering other businesses, and providing valuable services in cities across the country. It’s time we recognize the economic contributions that Latino-owned businesses make to the U.S. economy and support them so that we could collectively build back stronger.”

Due to COVID-19, Latino-owned businesses were hit harder than ever with slower sales, staff cuts, and closures, among other realities. A recent poll from Small Business Majority surveyed 500 small business owners, found that 9 in 10 small businesses were impacted by COVID-19, with 43% indicating a severe negative impact. Additionally, the poll found that 41% of small business owners experienced a revenue decrease of 50% or more, and 33% of small businesses closed up shop.

Latinos and Latinas entrepreneurs are starting businesses faster than any other group, driving $700 billion into the U.S. economy annually, according to a Stanford study. Unidos US projects that Hispanics, the youngest and largest minority in America, will account for about 20% of the U.S. workforce in five years. With a population expected to almost double to 111 million by 2060, Latino consumers currently represent $1.7 trillion in buying power and critics expected to continue growing over the next two decades.

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Four Key Stages of National Support Latino Business Day

  1. National day of action on September 14
  2. The building of a comprehensive business directory of Latino/x-owned companies
  3. The establishing of a one-stop-resource hub for entrepreneurs
  4. The creation of a financial fund to help provide grants to Latino/x small business owners.

SLB also informed that as part of a larger mission, their partners would work to continue the National Support Latino Business Day momentum through the daily spotlighting of Latino/x businesses, the fostering of a strong business network, financial resources, mentorship, and more.

Created for the community by the community, the Support Latino Business initiative is led by a diverse group of partners including local chambers, The Aspen Institute Latinos and Society Program, Small Business Majority, U.S. Hispanic Chamber of Commerce, Amplify Latinx, MXDC, We Are All Human, Momento Latino, Latino Business Action Network, Friends of the American Latino Museum, and others, along with support from partner agencies Captura Group and Team Friday. To be a part of the Support Latino Business movement, visit here.

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