Support a Latino Business Day

Support a Latino Business Day emerged from the growing recognition that Latino-owned enterprises are a powerful engine of the U.S. economy, yet often lack the same visibility and access to capital as other businesses. The day was founded by the Latino Business Action Network (LBAN) in partnership with the Stanford Latino Entrepreneurship Initiative, with the first official celebration taking place on September 14, 2019.

The Foundational Catalyst

The idea crystallized in the late 2010s as data revealed that, despite rapid growth, Latino businesses faced systemic barriers: they receive less than 1% of venture capital funding and are disproportionately affected by economic downturns. LBAN, a nonprofit focused on accelerating Latino business growth, launched the observance to mobilize consumers, corporations, and policymakers to close this gap.

Legislative & Official Adoption

While the day is not a federal holiday, it has garnered proclamations from mayors and governors across the country. In 2020, it was recognized by the U.S. Hispanic Chamber of Commerce. The date was chosen to coincide with Hispanic Heritage Month (which begins September 15) to build momentum.

Modern Global Legacy

Today, the observance has expanded beyond the U.S. to countries like Mexico, Spain, and Argentina, where similar initiatives support Latino-owned businesses. The day now includes virtual marketplaces, social media campaigns, and partnerships with major corporations like Google and Walmart.

Support a Latino Business Day calls for intentional action to boost the Latino economy. Whether you are an individual, a school, or a large organization, here are actionable strategies:

For Individuals

1. Shop at Latino-owned stores: Use directories like NALC.com or the U.S. Hispanic Chamber of Commerce’s Locator.
2. Order from Latino restaurants: Try local taco stands, bakeries, or caterers.
3. Leave positive reviews: Write a detailed Google review for a Latino business you adore.
4. Share on social media: Use the hashtag #SupportALatinoBusinessDay and tag the business.

For Schools and Universities

• Organize a campus fair featuring Latino student-run ventures.
• Invite Latino entrepreneurs to speak about their journeys.
• Assign projects that research the economic impact of Latino businesses.

For Corporations

• Implement a supplier diversity program that prioritizes Latino-owned vendors.
• Sponsor a matching gift campaign where the company matches purchases made at Latino businesses.
• Host a networking event for Latino business owners and corporate buyers.

Across the Globe

In Mexico, the day is often merged with local 'Día del Emprendedor' activities. In Spain, chambers of commerce organize trade fairs. In Argentina, online marketplaces feature 'Argentina Latina' sections. Each region adapts the core idea of conscious support to its unique cultural context.

Latino-owned businesses are a cornerstone of the U.S. economy, contributing $800 billion annually to GDP. According to the Stanford Latino Entrepreneurship Initiative, there are over 5 million Latino-owned firms, employing nearly 3 million people. These numbers have grown 34% in the last decade, outpacing the national average.

Key Statistics

• 1 in 4 new businesses in the U.S. is Latino-owned.
• Latino businesses generate over $2.3 trillion in total revenue.
• They are concentrated in construction, professional services, and food service.

However, despite their growth, Latino entrepreneurs face a $300 billion capital gap. Support a Latino Business Day raises awareness and channels resources to close this gap, fostering a more inclusive economy.

Latino business owners navigate a unique set of obstacles that hinder their full potential. Understanding these challenges is key to effective support:

Access to Capital

Less than 2% of venture capital deals go to Latino founders. Traditional bank loans are often inaccessible due to credit score requirements and collateral demands. Community Development Financial Institutions (CDFIs) and microloans are emerging as alternatives, but awareness remains low.

Networking and Mentorship

Many Latino entrepreneurs lack connections to established business ecosystems. Language barriers and limited participation in traditional chambers of commerce can isolate them. Programs like the LBAN Growth Academy are bridging this gap.

Systemic Bias

Research shows that Latino-owned firms are often perceived as riskier by lenders and investors, even when financials are strong. Implicit bias can also affect customer behavior. Support a Latino Business Day fights these stereotypes by highlighting success stories.

Large corporations wield enormous influence in shaping the business landscape. On Support a Latino Business Day and beyond, companies can take concrete steps to foster Latino business growth:

1. Supplier Diversity: Set a target to spend at least 5% of procurement with Latino-owned vendors. Certify through the NMSDC.
2. Investment: Create a venture fund dedicated to Latino-led startups, or partner with existing funds like the Latino Startup Alliance.
3. Mentorship Programs: Connect senior executives with Latino entrepreneurs for year-long mentorship.
4. Marketing Campaigns: Feature Latino-owned businesses in commercials and social media, paying them for exposure.

These actions not only advance equity but also open new markets. Data shows that Latino consumers are loyal to brands that support their community.

Entrepreneurship is deeply embedded in Latino culture, reflecting values of family, community, and resilience. Many Latino businesses are family-run, passing down traditions and skills across generations. From the taquería that uses a grandmother's recipe to the tech startup founded by first-generation immigrants, each enterprise carries cultural heritage.

Support a Latino Business Day is not just an economic initiative; it is a celebration of identity. When customers walk into a Latino-owned store, they experience a piece of that culture. The day fosters cross-cultural understanding and strengthens community bonds.

Community support is the lifeblood of Latino businesses. On Support a Latino Business Day, neighbors, friends, and local organizations mobilize to create a ripple effect:

• Word-of-mouth referrals remain the most powerful driver of new customers.
• Community crowdfunding platforms like Kiva Zip and Latino-focused funds provide critical early capital.
• Local business associations offer collective marketing, such as the 'Shop Latino' directory.

One notable example is the Latino Economic Development Center (LEDC), which provides business training and low-interest loans. Their work shows that when communities invest in Latino businesses, the entire neighborhood thrives — vacancy rates drop, safety improves, and local employment rises.

The next decade promises accelerated growth for Latino-owned businesses, driven by demographic shifts and digital transformation. By 2030, Latinos are projected to account for 25% of the U.S. population, and their buying power will exceed $2 trillion.

Technology Adoption

Latino entrepreneurs are increasingly embracing e-commerce, social media marketing, and fintech solutions. Apps like Clover and Square have made it easier to accept payments and manage inventory, leveling the playing field.

Policy Advocacy

Support a Latino Business Day also pushes for policy changes: increased federal contracting goals, expanded access to Small Business Administration (SBA) loans, and immigration reforms that allow DACA recipients to start businesses.

As the movement grows, the day will likely become a platform for announcing new funding programs, launching entrepreneur academies, and showcasing innovation. The future is bright, but it requires sustained, year-round engagement beyond September 14.