Empowering Hispanic Businesses: Driving Growth and Prosperity in Snohomish County
1 Nov 2023
Snohomish County has long been a vibrant hub of economic activity. One of the most promising aspects of its economic landscape is the substantial contribution made by Hispanic businesses and chambers.
The Power of Hispanic Businesses in Snohomish County
The Hispanic community has emerged as a dynamic force in the United States economy. According to data, Hispanics are making significant strides in various sectors, from agriculture to entrepreneurship. In 2015, they constituted one-third of all agriculture workers in the U.S. and over 25% of workers in construction. Moreover, Hispanic entrepreneurs accounted for more than one in seven of the country's entrepreneurs, highlighting their entrepreneurial spirit and contribution to business diversity.
The growth of the Hispanic population in the U.S. is also a notable trend. Between 1970 and 2014, the number of Hispanics living in America grew by 592 percent. This demographic surge is a testament to the vitality of Hispanic communities and a significant factor in reshaping the economic landscape of Snohomish County.
Partnerships That Drive Progress
Economic Alliance Snohomish County recognizes the importance of fostering connections with organizations that support Hispanic businesses. One such partnership is with Keep Dreams Alive, an organization collaborating with SnoSTEM for several years. Together, they host monthly Latinx Networking events with the Marysville Chamber. These events provide a platform for networking, mentorship, and knowledge sharing, fostering a supportive ecosystem for Hispanic entrepreneurs to thrive.
In addition to local partnerships, Snohomish County can draw inspiration from established chambers like the Seattle Latino Chamber of Commerce and the U.S. Latino Chamber. These organizations have been instrumental in promoting economic development and entrepreneurship among Hispanics locally and nationally. Snohomish County can leverage its experiences and best practices to create a more inclusive and supportive environment for Hispanic businesses.
The Stanford Study: A Testament to Potential
A recent Stanford Graduate School of Business study underscores the immense potential of Latinx-owned businesses in the U.S. Over the past decade and a half, Latinxs have been creating businesses faster than any other demographic group. Although these businesses tend to be younger and smaller on average, they exhibit remarkable growth in revenue and job creation. Significantly, this growth benefits Latinxs and Americans, creating better job opportunities and employee benefits.
The study highlights that structural barriers, particularly access to capital and securing corporate and government contracts, hinder the full realization of the potential of Latinx-owned businesses. Snohomish County can create a conducive environment for Hispanic entrepreneurs to flourish by addressing these challenges.
Las Tienditas: Celebrating Hispanic Entrepreneurship
A significant milestone in the celebration of Hispanic entrepreneurship in Snohomish County was the recent "Las Tienditas" Hispanic Entrepreneur Show, which took place on Wednesday, September 27th, at the Opera House. This event showcased diverse, high-quality products, including jewelry, crafts, beauty, home goods, and handmade products crafted by Hispanic/Latinx entrepreneurs. Attendees had the opportunity to discover unique gifts for special occasions and get a head start on their holiday shopping.
Events like "Las Tienditas" not only promote economic growth by supporting local Hispanic businesses but also enrich the cultural tapestry of Snohomish County. They provide a platform for these entrepreneurs to shine and demonstrate their resilience, creativity, and commitment to success.
Hispanic businesses and chambers are invaluable contributors to the growth and prosperity of Snohomish County. The increasing representation of Hispanics in various economic sectors, strategic partnerships, and events like "Las Tienditas" position the county for a more diverse and vibrant future. At Economic Alliance Snohomish County, we work to harness its full potential by addressing Hispanic entrepreneurs' challenges and fostering a thriving economy that benefits all its residents. Contact us here for more information on how we can help your business connect with valuable opportunities in the community!