From The Chicago Sun-Times…
Hispanic businesses set pace for growth nationally
By Stefano Esposito and Kim Janssen
Like many immigrants who came to the United States to chase the American Dream, Mario and Irma Cota hoped their son might grow up to be an attorney or a doctor.
As a pre-med student, Mario Cota Jr. had the grades to make that happen. But, he said, “It wasn’t for me—I come from a business family, and I wanted to be my own boss.”
And so, in 2006, Cota opened Mundial Cocina Mestiza, 1640 W. 18th St., the Pilsen Mexican-fusion restaurant that employs 10 people and has won rave reviews.
“I grew up around entrepreneurs,” Cota, 32, said. “I wanted to build something of my own.”
In that way, Cota is like many Hispanics across the United States who opened businesses between 2002 and 2007 at more than twice the national rate, according to recently released U.S. census figures.
The number of Hispanic-owned businesses in the United States increased by 43.7 percent in that time frame, compared with a national rate of 18 percent.
Cook County saw a 36 percent jump in businesses owned by Hispanics; Chicago saw a 25 percent increase in the same time span.
Across Illinois, there were 56,552 Hispanic-owned business in 2007, with 22,256 in Chicago.
The census reported that across the nation, Hispanic-owned businesses generated $345.2 billion in sales in 2007—up 55.5 percent compared with 2002.
Much of the increase in new businesses, experts say, has to do with a corresponding increase in population, but it’s not that simple.
Better educational opportunities, a cooperative—rather than a cutthroat—approach to business among Hispanics, coupled with a strong work ethic, have all helped fuel the boom.
“There is kind of a natural entrepreneurial disposition in our community,” said Roberto Cornelio, the chief operating officer for the Illinois Hispanic Chamber of Commerce in Chicago. “I would venture to say that one out of every two or three has a dream to own their own business.”
Read the full story here.
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