There will be over 4 million Hispanic-owned businesses projected this year – or 23 percent more than the last official Census release, according to a study released recently by Geoscape, a leading provider of business intelligence technology, data and analytics, and published in partnership with the U.S. Hispanic Chamber of Commerce. This growth rate is more than 15 times the national average during the same timeframe.
The Hispanics in Business 2015 study details the impact of Hispanic businesses ownership, entrepreneurship and wealth. The results were formally unveiled at The USHCC National Convention, taking place this week in Houston.
The study revealed that the total number of Hispanic-owned businesses is projected to reach 4.07 million in 2015, an improvement of 750,000 firms since the last Census report in 2012. The combined annual revenue of Hispanic-owned businesses is projected to exceed $661 billion this year – an improvement of $144 billion since 2012.
Hispanic business growth is taking place in regions that are not historically associated with the Hispanic population. The fastest-growing region for Hispanic business activity is the West North Central Census region, comprising of Minnesota, Iowa, Missouri, Nebraska, North Dakota and South Dakota. This improvement can be attributed to the migration of Hispanics into the region for jobs, local and socioeconomic conditions, counting customer base, industrial composition and the low cost of living relative to other regions.
The Pacific Census region continues to be the area with the highest number of Hispanic-owned businesses, projected at more than 1.05 million across California, Oregon, Washington and Alaska – an improvement of 22 percent since 2012. All regions in the United States practiced more than 20 percent growth in Hispanic business owners over the past three years.
“This year’s findings solidify what we’ve been saying for a long time – that Hispanic businesses are the future of our nation’s entrepreneurial activity,” said Javier Palomarez, President & CEO of the U.S. Hispanic Chamber of Commerce. “The remarkable gains our Hispanic business community has made in the past year are both inspiring and encouraging – our members are proud to be the future builders of the American economy.”
“As we’ve conducted this study over the years, we’re finding that Hispanic businesses continue to grow dramatically, as this is the single largest jump we’ve seen since we started studying the data,” said Cesar M. Melgoza, CEO and founder of Geoscape. “The more you do the math, the more you realize that Hispanic business are not just part of the future, they’re also a huge component of our present economy. Our leaders need to understand their importance in driving the American economy, and they will only grow in importance in the future.”
Geoscape provides automated intelligence systems, unique data products and analytic services for companies seeking to tap into the growth of new mainstream consumers in the U.S., Canada and Europe. The online Geoscape Intelligence System (GIS), the DirecTarget® database enrichment system and a variety of geo-demographic, consumer, business and media databases enable actionable insights that lead our clients to gain noteworthy business advantages. Geoscape is a privately held company owned by NMS Capital and Cesar M Melgoza, Founder & CEO, and is headquartered in Miami.
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over 3 million Hispanic owned businesses across the United States that contribute in excess of $465 billion to the American economy each year. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico.
U.S. Stocks NEWS: On Monday, Shares of The Kroger Co. (NYSE:KR), lost -0.19% to $36.66.
The Kroger Co., Board of Directors recently declared a quarterly dividend of 10.5¢ per share to be paid on December 1, 2015, to shareholders of record as of the close of business on November 13, 2015.
In June, Krogers Board raised the quarterly dividend by about 13.5 percent. Kroger has delivered double-digit compound growth in its dividend since it was reinstated in 2006. The company continues to expect an increasing dividend over time.
Kroger, one of the worlds largest retailers, employs nearly 400,000 associates who serve customers in 2,623 supermarkets and multi-department stores in 34 states and the District of Columbia under two dozen local banner names counting Kroger, City Market, Dillons, Food 4 Less, Fred Meyer, Frys, Harris Teeter, Jay C, King Soopers, QFC, Ralphs and Smiths. The company also operates 781 convenience stores, 327 fine jewelry stores, 1,350 supermarket fuel centers and 37 food processing plants in the U.S. Recognized by Forbes as the most generous company in America, Kroger supports hunger relief, breast cancer awareness, the military and their families, and more than 30,000 schools and community organizations. Kroger contributes food and funds equal to 200 million meals a year through more than 100 Feeding America food bank partners. A leader in supplier diversity, Kroger is a proud member of the Billion Dollar Roundtable and the U.S. Hispanic Chambers Million Dollar Club.
The Kroger Co., together with its auxiliaries, operates as a retailer in the United States and internationally. It also manufactures and processes food for sale in its supermarkets. The company operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores.
Shares of Cisco Systems, Inc. (NASDAQ:CSCO), remained flat to $25.54, during its last trading session.
Barilla Group, the makers of Barilla brand pastas and sauces, is embracing the Internet of Everything (IoE) to provide consumers the ability to trace the entire chain of production for the ingredients in their food, from where it was grown to how it arrived on the store shelf. Barilla worked with Cisco (NASDAQ: CSCO), Penelope S.p.A. and NTT DATA to implement a new technology platform called Safety for Food (S4F). Powered by the software ValueGo®, the platform enables consumers to scan a QR code on the back of limited edition Farfalle Pasta and Tomato and Basil Sauce packages to easily access a website that tells the story of the specific production batch, through a detailed analysis of all major phases of the supply chain. Consumers can find the limited edition Barilla pasta and sauce packages at the Coop Supermarket of the Future, part of the Future Food District at EXPO 2015 in Milan.
ValueGo®, developed by Penelope S.p.A., is the core system of the Safety for Food project, with specific agri-food vertical features for compliance checking, tracking and tracing of all food information along the entire supply chain and for building a digital passport for food products.
The Internet of Everything changes the way we farm, produce, distribute and consume food; making it more transparent and therefore safer, said Agostino Santoni, CEO of Cisco Italia. The Safety for Food initiative aims to provide a global database of food products and greater traceability of agricultural food production, according to international standards on food safety, quality and origin of raw materials. We are thrilled to be part of such an important initiative that is improving consumers lives by using IoE technologies to assist solve real world issues as important as food transparency and safety.
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
Shares of Johnson & Johnson (NYSE:JNJ), declined -0.28% to $93.13, during its last trading session.
Johnson & Johnson will host a conference call for investors at 8:30 a.m. (Eastern Time) on Tuesday, Oct. 13th, to review third-quarter results. Gary Pruden, Worldwide Chairman, Medical Devices; Dominic Caruso, Vice President, Finance and Chief Financial Officer and Louise Mehrotra, Vice President, Investor Relations, will host the call.
Johnson & Johnson, together with its auxiliaries, researches and develops, manufactures, and sells various products in the health care field worldwide. It operates in three segments: Consumer, Pharmaceutical, and Medical Devices.
Finally, Shares of The Bank of New York Mellon Corporation (NYSE:BK), ended its last trade with 1.47% gain, and closed at $39.43.
Through the generosity of The Eugene F. Fay Trust, BNY Mellon has awarded operating support grants to 10 Boston-area nonprofits, providing them with critical funding for capacity-building activities. The Eugene F. Fay Trust Mini-Grants Program provides organizations with $5,000 grants for technical assistance and non-programmatic support aimed at strengthening the overall organization or a particular program. BNY Mellon is trustee of the Eugene F. Fay Trust and administers the mini-grants program.
Nonprofits resources are increasingly stretched thin and often they face the challenge of providing critical services to people in need without the benefit of the latest technologies, said Joanne Jaxtimer, Regional Executive of New England and Co-Head of Global Philanthropy for BNY Mellon. Operating support assists to bridge the gap in budgets, allowing nonprofits to upgrade their technology and resources and run more efficiently. Through the generosity of The Eugene F. Fay Trust, we can enable nonprofits to focus on their missions and achieve their organizations social aims.
The 2015 Eugene F. Fay Trust Mini-Grant awardees are:
- Asian American Civic Association – To convert and load legacy data into its new database, Efforts to Outcomes, which will allow AACA to better serve additional clients and track individual outcomes.
- Boston Chinatown Neighborhood Center – To purchase and install a new wireless router and firewall system, which will improvement BCNCs efficiency, allow staff to spend more time on direct programming and enable BCNC to focus more on serving its clients.
- Ethos – To develop a three-year planned plan for its Boston Money Administration Program.
- FamilyAid Boston – To provide professional developmental trainings for newly promoted managers and support for high-performing administration staff in the organization.
- Horizons for Homeless Children – To enable Family Advocates to take part in developmental trainings to better equip them to assess and coach families and assist them access services on their way to becoming independent.
- Irish International Immigrant Center – To purchase technology and office furniture items that will streamline its operations and provide a more confidential and accurate process for meeting with and serving clients.
- Lovin Spoonfuls – To create a series of video-recorded workshops based on its existing trainings that focus on nutrition, food preparation and food storage, which will allow Lovin Spoonfuls to reach a greater number of constituents and share more healthy food preparation and storage information.
- Project Just Because – To support a technology upgrade that comprises computers, software and a printer to assist the organizations efficiency, in addition to to hire a marketing consultant to improvement its fundraising capacity.
- Respond, Inc. – To support Responds creation of innovative and inventive marketing materials to attract and retain new donors, assisting it to plannedally grow and serve more survivors of domestic violence.
- YMCA Training, Inc. – To replace worn equipment, better utilize its space and improvement the effectiveness of its workforce development training program.
The Bank of New York Mellon Corporation, an investment company, provides financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. It operates through two segments, Investment Administration and Investment Services.
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