Press
Release
March 22, 2001
For Immediate Release
Contact: Daniel H. Jara
201-451-9512
STATEMENT ON U.S. CENSUS DATA REGARDING HISPANIC BUSINESSES
BY DANIEL H. JARA, PRESIDENT AND CHIEF EXECUTIVE OFFICER
STATEWIDE HISPANIC CHAMBER OF COMMERCE OF NEW JERSEY
The figures on Hispanic-owned businesses released today by the U.S. Census Bureau reflect an undercount. According to Census Bureau in 1997 New Jersey had 36,116 Hispanic-owned firms. In 1997, the Statewide Hispanic Chamber of Commerce of New Jersey (SHCC) reported that Hispanic-owned businesses in New Jersey supported approximately 128,000 jobs and generated nearly $7.5 billion in Revenues.
In recent years, there has been a mayor transformation of Hispanic businesses that are evolving in terms of growth and industry diversity. More Hispanics are creating businesses in non-traditional industries such as finance, insurance, real estate, wholesale trade, international trade, construction, transportation, professional services and manufacturing. In addition, Hispanic women who in the last 10 years have created almost 400,000 new businesses nationwide, drive the surge of Hispanic-owned businesses.
Hispanic-owned
businesses in the U.S. grew by 30% vs. a 6.8% growth for all U.S. businesses
over the same period. Also, sales/receipts for Hispanic-owned businesses grew
by 48.9% vs. a 40.2% growth in sales/receipts for all U.S. firms.
New Jersey had
the fifth largest concentration of Hispanic-owned businesses,
among all 50 states. Remarkable concentration, especially considering that
states with larger populations of Hispanics still managed to have smaller
numbers of Hispanic business owners. Hispanic Businesses grew at a rate of 64%
since 1997 in accordance with census report.
It is encouraging to see that Hispanic businesses continue to enter the global economic mainstream. Many more Hispanics are creating businesses, yet are not in a position to expand. Hispanic entrepreneurs and business owners need access to capital, strategic alliances and partnerships with corporate America, access to procurement with public and private sectors, access to venture capital and resources to enhance our efficiency in E-Commerce to help us remain competitive and have more profitable businesses.
NJ has become the most diverse state in the union relating representation of all 21 Latino nationalities. New Jersey strategic location for national distribution, proximity to New York and Philadelphia and overnight delivery to Latin America. NJ infrastructure, its airports and ports have made the garden state a Gateway of trade with Latin America and vice versa. The emergence by Hispanic-owned businesses is proof that tireless efforts and support mechanisms of our chamber of commerce is having a positive, widespread impact throughout the state on behalf of New Jersey’s Hispanic Business Community. Indeed Hispanic firms are forging new horizons by contributing to the economic progress of their immediate communities by creating jobs-generating wealth where none existed-contributing to the tax revenue base -everywhere we look, we see the positive impact of the Hispanic Business Community.
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The
SHCC is the preeminent Hispanic organization dedicated to representing,
promoting and advocating for the 40,000+ Hispanic owned businesses in NJ. In
addition to actively promoting the economic growth and development of small
businesses, SHCC has become the largest chamber in New Jersey and rated number
One of the top 50 Chambers of Commerce in the Garden State by Business News New
Jersey’s publication for three consecutive years. SHCC is the Flagship of the
Small Business Community and its non-Hispanic membership grown to thirty five
percent. SHCC is the vehicle to access the Latino community and its formidable
purchasing power. SHCC has been actively involved as a member of the U.S.
Hispanic Chamber of Commerce since 1989 and is considered the Third Largest
Hispanic Chamber in the nation.
For more information about the SHCC visit www.shccnj.org