Bienvenidos! Welcome to Latino Voices, a column about the business life of Latino entrepreneurs and small business owners in Northern Colorado. I’m a U.S. Latina, an entrepreneur and small business owner who believes that the path to building multicultural bridges begins with an open hand. I have the privilege of being a spoke in that wheel of good faith that can better connect the region’s Latino and Anglo business colleagues.

Latinos across the nation

The largest ethnic group in the United States, Latinos represent approximately 15.4 percent of the total U.S. population, or roughly 46.9 million folks, according to 2008 U.S. Census figures. Of Hispanic adults, 47 percent are born in the United States, 53 percent are foreign-born. In 2000, the Census estimated that by 2050, the U.S. Latino population will grow to 102.6 million, making up about 24.4 percent of the total population.

The Pew Hispanic Center reports that two-thirds of U.S. Latinos identify themselves as being of Mexican origin. The next largest groups are represented by individuals from Puerto Rico, Cuba, El Salvador, Dominican Republic, Guatemala, Colombia, Honduras, Ecuador and Peru. These nationalities account for approximately 25 percent of the U.S. Hispanic population.

While we think of U.S. society as a “melting pot,” there is significant diversity among Latinos in customs, dialects, foods, music, art, culture, beliefs and consumer behavior. Differences exist in language preferences between the native and the foreign-born; between generations and those who acculturate and the ones who assimilate; and where the native language is used – at home, catching the news, shopping or in social contexts. Some Latinos don’t like to be called Hispanics. Others prefer a closer descriptor to their roots such as Mexican-American. Others are at home with the term Latino.

Marketers targeting Latinos are catching on that culturally relevant marketing plans that differentiate according to country of origin are more likely to resonate with individual sub-groups than plans that cast the U.S. “Latino market” as one colossal segment. Even within country-of-origin segmentation, regional differences and socio-economic levels can make marketing to the ubiquitous “Latino market” a tricky undertaking, but one worth the effort – Business Week reports that by 2011, Latinos’ overall buying power is projected to exceed $1 trillion.

Business impact

Latino businesses are the single fastest-growing segment of small businesses in the United States, according to the U.S. Hispanic Chamber of Commerce. The USHCC counts 3 million Latino-owned businesses in the United States generating approximately $465 billion in revenue yearly. Nationally, there’s momentum around discussions, resources and strategies to support Latino businesses and capture Latino consumer segments, especially the younger, trend-setting crowd. In early June 2010, the Hispanic Chamber of E-Commerce launched its beta bilingual B2B platform at http://hiscec.com to promote the use of e-business tools and Latino businesses via the Internet.

At its annual convention in 2009, USHCC offered a session on access to capital – how to attract and qualify for equity and venture financing. Venture capital fund Hispania Capital Partners, which concentrates on later-stage investments, works with Latino businesses involved in print and broadcasting, business services, the financial sector, information technology and food manufacturing and distribution.

The Univision Network finished the competitive May 2010 broadcast ratings sweep ahead of CBS, NBC, CW and all cable networks in primetime among all adults aged 18 to 34, not just Hispanics. And almost one out of 10 women-owned companies in the nation is majority-owned by Latinas, according to the Center for Women’s Business Research.

Local Latino business landscape

The most recent statistics available from the U.S. Census Bureau put the  Hispanic population at 20 percent of Colorado’s total population in 2008 – 993,000. About 77 percent of Latinos in the state are of Mexican origin. In Larimer County, about 10 percent of the total population is Latino, about 29,378 individuals. In Weld County, the Hispanic population is closer to 27.4 percent, or 68,482 people.

As for Colorado businesses, the Census estimates that 5 percent are Latino-owned. This accounts for approximately 21,520 businesses with $4.8 billion in revenue and more than 28,200 employees in Colorado. Closer to home, women are owners of about 28 percent of businesses in Larimer County, and 2.5 percent are Hispanic-owned. In Weld County, approximately 30 percent of women own their own businesses, and 7 percent are Latino-owned.

Available resources on entrepreneurs and small businesses in Larimer and Weld counties are at best microscopic. (A hearty thank-you to the fine reference staff at the main branch of Poudre River Public Library in Fort Collins for their assistance in following the trail of breadcrumbs leading to Northern Colorado Latino business data.) I hope this column will add to these resources. In future columns, I’ll be presenting insights from a dynamic local business owner who offers words of wisdom on how Latino and Anglo businesses can work together better; outlining volunteer opportunities for Latino businesses that want to invest in the Northern Colorado community; and exploring the top five issues for Colorado entrepreneurs who want to maintain and grow their enterprises, based on feedback from a survey of minority and women-owned businesses.

I want Latino Voices to encourage pragmatic, respectful dialogue that can educate and motivate both Latino and Anglo small business interests to celebrate their differences and maximize cooperation resulting from their similarities, and better align both business communities in win-win partnerships.

Ana Arias is principal of Arias Global Consulting, based in Fort Collins. She welcomes suggestions on topics you’d like to see covered in “Latino Voices” and can be reached at ana@ariasglobal.com.