Empowering Latinas in Business: A Rising Force in the Economy
Hispanic Heritage Month is a time to celebrate and honor the contributions of the Hispanic community. This year, 12News is shining a spotlight on a group of individuals who are making significant strides in the business world – Latinas.
Latinas are increasingly becoming drivers of the local and national economy, with their presence and impact on the rise. Monica Villalobos, President & CEO of the Arizona Hispanic Chamber of Commerce, recognizes the growth and influence of Latinas in the business world.
“Latinas are really growing by leaps and bounds in many different ways,” Villalobos stated. The numbers reflect this trend, showcasing the economic powerhouse that Latinas have become.
A recent report by UCLA and staff from California Lutheran University revealed that in 2021, Latinas contributed a staggering $1.3 trillion to the U.S. gross domestic product, double the amount from 2010. This growth is not accidental but a result of Latinas legitimizing their side businesses, turning them into successful ventures.
According to Villalobos, “It’s a great time to be Latina in the U.S. and particularly in Arizona.” The study also highlighted that Latina businesses are experiencing nearly triple the growth rate in GDP compared to non-Latinos.
One example of Latina entrepreneurship making waves in Arizona is Brenda Perez, the owner of Victoria Imports. Starting from swap meets, Brenda’s business has evolved into successful stores at Arizona Mills and Desert Sky Mall, specializing in Mexican items.
Brenda shared, “I love being able to spend more time with my family, especially with my little niece who is a big part of the business.” Her store offers a piece of Mexico for families in Arizona, embodying the rich cultural heritage.
Collaborating with organizations like the Arizona Hispanic Chamber of Commerce, Brenda utilizes resources and support to enhance her business knowledge and financial management skills. This network has been instrumental in her growth and success.
While there has been significant progress in Latina entrepreneurship and education, challenges such as pay disparities still exist. Villalobos emphasized that Latinas earn about 55 cents to every white man’s dollar, which is one of the largest pay gaps. However, there is optimism for the future as more Latinas enter the workforce and start their own businesses.
The Arizona Hispanic Chamber of Commerce conducts the annual DATOS report, which analyzes the state of Arizona’s Hispanic market, highlighting trends and growth opportunities. This year’s report will be presented on September 26th, 2024, in Phoenix.
As we celebrate Hispanic Heritage Month, let’s continue to support and empower Latina entrepreneurs who are driving innovation and economic growth in our communities.
>> Download the 12News app for the latest local breaking news straight to your phone.
12News on YouTube
Catch up on the latest news and stories on our 12News YouTube playlist here.
