The number of Hispanic-owned businesses in Illinois is small compared to the Hispanic population, but the growth of those businesses is nearly three times that of all other companies in the state, according to a study by a new entrepreneurial support center.
Hispanics own 5 percent of the state’s companies, but are 16.3 percent of its residents, according to The State of Hispanic-Owned Businesses in Illinois, a report by the Center for Hispanic entrepreneurship and DePaul’s College of Business. Preparers surveyed 102 hispanic-owned businesses in July and August, and used U.S. Census bureau data.
The number of Hispanic-owned businesses grew by 43 percent between 2002 and 2007, while all other companies saw a 16 percent increase during the same period. Payroll for Hispanic companies rose by 28 percent, compared to 4 percent for other businesses.
That 43-percent growth rate would put the number of Hispanic owned businesses in the state at 70,000 today, said the report, which is the first release from the entrepreneurial center, a new not for profit arm of the Illinois Hispanic Chamber of Commerce.
Hispanic-owned companies in the state bring in $182,742 -- 13 percent of the $1,370,694 averaged by other companies in the state.
The potential for such businesses to contribute to the states economic growth is vast, said Omar Duque, president and CEO of the Illinois Hispanic Chamber of Commerce.
If the state’s HOBs were to take in a proportional share of Illinois business receipts and employ 16.3 percent of Illinois’ workforce, those companies see an additional $229,796,144 in annual revenue and would employ 786,853 more Illinois residents, the report said.
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