As Latina moms, we know the strength of our families, our traditions, and our work ethic. But did you know that our community is also one of the strongest economic forces in the U.S.? The Latino Gross Domestic Product (GDP) is growing at a rate that outpaces the overall U.S. economy, contributing significantly to job creation, small business growth, and consumer spending. Yet, despite our economic influence, Latino-owned businesses often face systemic barriers that limit their full potential. That’s why it’s more important than ever for us, as moms raising the next generation, to intentionally support our own.
The Strength of the Latino GDP
A recent study found that if U.S. Latinos were their own country, their GDP would rank among the top economies in the world. In 2023, the Latino GDP was estimated to be over $3.7 trillion, surpassing even major global economies like the United Kingdom and India. This economic output is driven by a rapidly growing labor force, entrepreneurial spirit, and strong consumer spending.
Latinos are starting businesses at a rate higher than any other demographic. Between 2007 and 2019, the number of Latino-owned businesses grew by 34%, compared to just 1% for non-Latino-owned businesses. Despite this, Latino entrepreneurs receive significantly less venture capital and business loans than their white counterparts, creating financial challenges that limit scalability.
Why We Must Support Our Own
Knowing the strength of the Latino GDP, we have an opportunity—and a responsibility—to reinvest in our own community. Here’s why it matters:
1. Job Creation & Economic Mobility
Latino-owned businesses employ millions of people, many of whom are from our own communities. Supporting these businesses means strengthening job security and increasing economic opportunities for families who share our backgrounds and experiences.
2. Closing the Wealth Gap
Systemic barriers have historically limited wealth accumulation in BIPOC communities. By circulating our dollars within our own communities—through purchasing from Latino and Black-owned businesses—we help build generational wealth and economic stability.
3. Preserving Culture & Identity
Latino businesses often celebrate and preserve our culture, whether through food, fashion, art, or services. Shopping at these businesses is not just an economic choice; it’s an act of cultural preservation and pride that we pass down to our children.
4. Setting an Example for Our Kids
As moms, we’re raising the next generation of leaders, entrepreneurs, and changemakers. By supporting Latina/Latino/BIPOC-owned businesses, we teach our children the importance of community, self-reliance, and pride in our roots.
How to Take Action
Supporting Latina/Latino/BIPOC-owned businesses doesn’t have to be complicated. Here are some simple ways to make an impact:
- Shop Local: Choose Latino-owned businesses for everyday purchases—whether it’s groceries, clothing, or professional services. We have some of our favorite products and brands here.
- Spread the Word: Share businesses you love on social media, write reviews, and recommend them to friends and family.
- Invest & Mentor: If you have the means, invest in Latino-led startups or mentor young Latino entrepreneurs.
- Advocate for Policy Change: Support initiatives that promote equal access to business funding, resources, and opportunities for underrepresented entrepreneurs.
Latinas are an undeniable economic force, and the growth of the Latino GDP proves that our contributions are invaluable to the U.S. economy. However, true economic empowerment requires us to show up for each other, to prioritize our own businesses, and to build a future where Latina/Latino/BIPOC entrepreneurs have the same opportunities to succeed as anyone else.
Every dollar spent is a vote for the future we want to see. Let’s make sure we’re investing in ourselves, our families, and our communities—because when we thrive, everyone benefits.
Are there any Latina-owned businesses you love? Drop them in the comments or share this with a fellow mamá who needs to see it!
