💸💪🏾Moneda Moves (10): $700B of Latinx business power
Bienvenidos to our new Moneda Moves subscribers and welcome back to our readers! 📰Today, we are spotlighting the power of small Latinx businesses. I've always had an affinity for small business and its no wonder why. My grandparents owned a papeleria (stationery and school supply) store in Mexico, my father started a freelance carpentry business himself and the lady selling tamales on our block in Chicago knew us by name. Many of us knew the power of small business in our community, but it's significant to be able to quantify the impact of Latinx business.
Today, nearly 4.4 million Latinx-owned businesses in the U.S. contribute more than $700 billion to the American money every year, per the U.S. Hispanic Chamber of Commerce. 💰The story comes from Rohit Arora for CNBC. For some context, about 55 million Latinx live in the U.S., while representing 17% of the nation's population -- aka the country's largest minority group! As this number continues to rise, a conversation that I'm having with my peers is that this surge in Latinx business, especially those serving their own communities, is not only meaningful but also a must-have. The growing population will need to be heard, served, and Latinx are on their way to creating these businesses and spaces.
Are you a Latinx small business owner? Drop me a line! I'd love to feature you. ❤ And if you came across this notita via a link on your social media feed, join our community here: tinyletter.com/MonedaMoves.
Con poder✊🏽,
Lyanne
Keeping tabs/cuentas on what happened last week in the world of Latinx in business. We review studies, features and news updates as they relate to our community and underrepresented communities at large.
First joint U.S.-Cuba biotech venture is underway🇨🇺🇺🇸: A new venture headquartered in Cuba sets out to bring new cancer therapies to U.S. patients. The Havana-based Center for Molecular Immunology has partnered NY-based Roswell Park Cancer Institute with a reported $4 million in donations to fund clinical trials. It is part of Cuba's Special Development Zone, which offers companies tax cuts as well as other incentives, per Prensa Latina, the Cuban State Agency. Find the full story on NBC Latino.
Get to know the powerful/potentes Latinx and up-and-comers in business.
A new brewery in town catering to the Latinx market🍺: I'm keen on the videos Bese has been producing and craft beer both, so naturally I was ecstatic to hear there's a new brewery in Colorado that is both Latinx owned and operated. The Generation Z and Latinx-geared brand recently put together a great profile on Raices Brewing Co. Per the Brewer's Association, the craft beer market is worth $26 billion. However, the profile from Bese states less than one percent are minority owned. Yet, Latinx tend to drink more craft beer than other groups. Raices aims to serve this community and beyond.
Raices means "roots." The brewery is opening in 2019. Learn more about them here.
Put your money/monedita where your mouth is! These are Latinx entrepreneurs, business owners and thought leaders to consider backing.
High school student in Puerto Rico builds farmer-to-consumer connections 🚜: To José Nolla Marrero, a 17-year-old in Puerto Rico, aiding farmers "feels better than getting an A+" so he pursued the creation of a digital platform, E-farm. On the website, you can find an assortment of recipes like authentic Yabucoa candy and order essential herbs like basil. Products ship to customers in Puerto Rico, New York, Connecticut and as far as Montana. E-Farm now has 24 registered farms with five more to come. NBC Latino's Nicole Acevedo reports that Nolla Marrero is part of a growing group of agricultural entrepreneurs. Although Hurricane Maria devastated the island, farm income grew 25% from 2012 to 2014. As of 2015, 23,000 Puerto Ricans had jobs in farming.
Thanks for reading! One last nota for all admirers of The Queen of Salsa, the late Celia Cruz.🎤 This week marks the 15th year since her death, and it's an opportune time to remember her legacy. She was a powerhouse, while recording more than 80 albums, earning 23 Gold Records and five Grammy Awards. Cruz was among the first black Latinx to achieve global fame and record with Fania All Stars, the record label that gained global recognition and helped establish future legends in the Latin music scene like Héctor Lavoe.
Long live la reina. ¡Que viva! 👑