Summary:
140,000 Latino-owned businesses contribute to a $100 billion GDP in Illinois.
Jennifer Aguilar fosters an environment for business sustainability and growth in Little Village.
Digital-first approaches are becoming common among local entrepreneurs.
Latino tech firms are outperforming white-owned firms in certain metrics, according to a Stanford report.
Chicago ranks second nationally for venture-backed companies founded by Latino entrepreneurs.
The Impact of Latino-Owned Businesses in Chicago
Jennifer Aguilar (right), Executive Director of the Little Village Chamber of Commerce at Holiday Business Awards 2024 in Chicago, Illinois.
Chicago's Latino community is a vibrant force, with over 140,000 Latino-owned businesses contributing to a $100 billion Latino GDP in Illinois. Jennifer Aguilar, a key figure in the community, emphasizes the cultural richness and entrepreneurial spirit that define areas like Little Village, where 80% of residents are Latino and the local economy thrives along the iconic 26th Street corridor, generating $900 million in annual revenue.
Celebrating the Entrepreneurial Spirit
Aguilar highlights a unique shopping experience in Little Village, filled with diverse vendors and over 1,000 businesses, including 100 restaurants. Her role at the Little Village Chamber of Commerce focuses on fostering an environment where businesses can leverage their culture for sustainability and growth. The chamber offers business advising programs and advocates for local entrepreneurs on both city and state levels.
Expanding Horizons: Online and Global Ventures
Entrepreneurs are not just confined to traditional brick-and-mortar establishments; many have embraced the digital marketplace. For instance, Olga Camargo, founder of SHENIX, created a fintech platform to help Latinas with financial education and career planning. Camargo's journey reflects the broader trend of Latino businesses reaching global markets, with clients excelling in various sectors such as produce distribution and construction.
CIBC Merchant Walk 2024 with Little Village business owners and the Chamber of Commerce.
The Tech Boom and Venture Capital
Latino entrepreneurs are making significant strides in the startup ecosystem as well. Companies like VOLVERde, founded by Aidee and Mónica San Miguel, are creating sustainable marketplaces and embracing mission-driven investments. A recent Stanford report indicates that Latino-owned tech firms are outperforming their white counterparts in certain metrics.
Manuela Zoninsein, founder of Kadeya, is another notable entrepreneur raising over $6 million to expand her waste-free vending business. Despite challenges in accessing venture capital, Chicago ranks second in the nation for venture-backed companies founded by Latino entrepreneurs, with 8% of companies funded compared to a national average of 2%.
Building a Supportive Ecosystem
Organizations like Chingona Ventures, led by Samara Mejía Hernández, are investing in pre-seed companies and fostering a collaborative environment for entrepreneurs. The $50 million Velocity Catalyst fund, initiated by Desiree Vargas Wrigley, aims to support early-stage startups and emerging fund managers, showcasing a growing commitment to diversity and inclusion in the investment landscape.
In conclusion, the Latino business community in Chicago is not only thriving but also becoming a pivotal part of the city's economic narrative, showcasing resilience and innovation in the face of challenges.
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