SCMSDC Salutes Hispanic Business Owners
Southern California Minority Supplier Development Council (SCMSDC) proudly celebrates Hispanic Heritage Month and all of our minority business enterprises (MBEs) who are of Hispanic American heritage. We honor the past and current contributions of Hispanic Americans in our society, salute their achievements and look forward to working with organizations such as the Latin Business Association in building greater successes.
It’s no secret that Hispanics have had a major impact and positive influence on our country. Almost a fifth of the total U. S. population is Hispanic, according to the Pew Research Center. With a population of 57 million, they are the second-fastest growing racial or ethnic group behind Asians.
In addition, there are more than four million Hispanic-owned businesses throughout the U.S., and their revenues have climbed to more than $660 billion, according to the U.S. Hispanic Chamber of Commerce. In fact, Hispanic entrepreneurs have been starting businesses at a pace 15 times the national average over the last decade.
Hispanics spent $1.5 trillion in the retail and consumer package goods market in 2015, and their buying power was expected to increase to $1.7 trillion this year. Products targeting the Hispanic population are seen as a great opportunity for retailers as Hispanics will represent approximately 28.6 percent of the total U.S. population by 2060.
Among SCMSDC’s certified MBEs, Hispanic-owned businesses comprise approximately 38 percent of our database and generate over $6 billion in revenue. They represent a wide array of industries and employ 33,625 fulltime employees, of which 24,169 are minorities, and 8,813 part-time employees.
Hispanic-owned businesses are largely credited with helping California’s economic recovery. As the premier minority business advocacy organization in Southern California, SCMSDC is proud to advocate on behalf of all diverse businesses, including Hispanic-owned businesses and their unique and significant contributions to the local and national economic landscape.