Posted at 8:55 AM
Created on September 12, 2013
Hispanic-owned firms contribute greatly to U.S. exports, which are a critical component of our Nation’s economic growth. The percentage of Hispanic American-owned firms that export (7.2 percent) is more than double that of all U.S. firms. Hispanic American-owned firms export an average of $2.3 million in annual receipts, compared to their non-exporting counterparts, who average $124,000.
As we observe Hispanic Heritage month, which runs from Sept. 15 – Oct. 15, it is important to recognize the many contributions Hispanic-owned businesses have made to the U.S. economy:
There are 2.6 million Hispanic American-owned firms in the U.S.;
Eleven percent have paid employees (averaging eight per firm), and over $1.1 million in annual receipts;
Hispanic-owned businesses generate $351 billion in annual economic output; and
Hispanic-owned firms employ 1.9 million people each year.
One example of a successful Hispanic-owned business is TIG/m, a California railcar manufacturer, which generates 100 percent of its revenue from exports. Alvaro Villa, who came to America as a teenager, founded TIG/m after a career with Disney, where he established a worldwide reputation for building quality robotic amusement rides and attractions. As trains are an integral part of most amusement park attractions, his transition to railcars came quite naturally.
Having started out in his garage, Mr. Villa now produces railcars in a 40,000-square-foot complex amid the rolling hills near Valencia, California. This year he tripled revenue as a result of contracts to build four railcars for Aruba, which he won with the assistance of MBDA.
In 2012, MBDA helped Hispanic American-owned businesses access $866 million in contracts and capital. Since 2009, MBDA has assisted over 6,000 Hispanic American-owned firms with obtaining $4.4 billion in contracts and capital. If you are looking to expand your business domestically or internationally, contact an MBDA Business Center today!