Advocates say Latino-owned business is booming in New York City, but more must be done to clear specific hurdles
NEW YORK -- Latino-owned small businesses are expanding in the city, but experts say disparities in revenue and growth opportunities are major hurdles.
As part of Hispanic Heritage Month, CBS2's Thalia Perez spoke with business owners and has more on the strides they've made.
It's evident that Latino businesses are forging ahead.
"There's so much to celebrate. If you look at the history of Latino migration into the United States, 30-40 years ago there were hardly any. Today, we are a dominant force economically also and women are leading the path to that," said Carlos Naudon, president and CEO of Ponce Bank.
The numbers say it all. The Hispanic Chamber of Commerce reported that Latino-owned small businesses in New York City have soared in recent years. But for many, it has been a rocky road to success coming out of the pandemic.
Salud Bar and Grill on Bushwick Avenue in Brooklyn is Dominican owned and open seven days a week. Owner June Ramirez says before the pandemic business was great. Now, he's had to make difficult cuts. He says building strong relationships is key to success and it's something he learned during one of the most difficult times of his professional career.
"That's one thing that I could say about COVID and what we went through, is that it brought communities together and it brought business owners and colleagues together to share thoughts and problem-solving situations," Ramirez said.
Problem solving together is exactly what female business owners did at a recent celebration of Latina small business owners in the Bronx.
According to the New York City Department of Small Businesses, women entrepreneurs generate about $50 billion annually in sales.
"You have to provide them with help, with the assistance, and it's difficult to navigate," said Quenia Abreu, president of the New York Women's Chamber of Commerce.
Business owners agree that one big challenge is discovering opportunities you may never have imagined that you could.
Gissell Acosta says it was a leap of faith that ended with her becoming her own boss just a month after giving birth to her premature daughter, Gia, in 2020. She owns the Tobias Agency in the Bronx, a one-stop shop for business owners seeking help with everything from accounting to graphic design. She says being a female business owner comes with its own set of challenges, but the support of other women has been key.
"Just go for it! Don't be scared. Just go for it!," Acosta said. "My dream now is to have a brick and mortar and offer these services to the Bronx community where I grew up."
Abreu says she is advocating for a dedicated one-stop place where Latino small business owners can go and get vital help and guidance.
"A lot of people don't know about the opportunities because we don't do enough. The city and state don't do enough for them to know," Abreu said.
To help keep the community thriving, it's a great idea to support Latino-owned businesses, not only during Hispanic Heritage Month, but every day.
