The Future of Hispanic-Owned Businesses in NJ
Hispanic-owned businesses are increasingly recognized as a driving force in New Jersey's booming economy, both before and after the COVID-19 pandemic began. The top sectors in the state for Hispanic-owned businesses are education and healthcare, professional and business services, transportation, and warehousing.
In 2018, Bank of America reported on the economic impact of Latinos and found the Latino Gross Domestic Product (GDP) in NJ to exceed $97 billion. In the same report, businesses owned by Latinos in the US collectively reflected the 8th-highest GDP in the world. Furthermore, according to the New Jersey Economic Development Authority (NJEDA), the more than 120,000 Hispanic-owned businesses in New Jersey make up many available jobs and tax revenues that fund vital social service programs. That said, Latinos are making New Jersey a better place to live and work.
Challenges in Business
Despite their substantial contributions to the local and national economies, Hispanic business owners face barriers to success that other segments of the population do not feel. Most notably, Hispanic-owned businesses are significantly less likely to be approved for loan funding applications than businesses owned by non-Hispanics, even with similar performance in the areas of credit, profitability, liquidity, and business age. These disparities were highlighted in the Stanford Latino Entrepreneurship Initiative 2020 State of Latino Entrepreneurship Research Report.
Owning a Successful Business in NJ
Additionally, the same report found that increased access to funding was associated with participation in formal professional and networking groups, such as chambers of commerce and trade associations. Notably, the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) is one of the state's largest chambers, representing the interests of the more than 120,000 Hispanic-owned businesses in NJ. In addition to participating in state and local chambers, Latino business owners should enlist the support of skilled legal counsel to represent their business interests.
At the Law Office of H. Benjamin Sharlin, LLC, we proudly represent Hispanic-owned businesses in Mercer County and throughout New Jersey. Mr. Sharlin is a bilingual Spanish-speaking attorney with a proven history of success in business law. Contact us today to learn more about how we can help your business thrive.
The Law Office of H. Benjamin Sharlin LLC
is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Call (609) 585-0606 or click the button below to schedule an appointment