💸Moneda Moves (33): After El Paso, Latinx make precautionary purchases
We started this week on a somber note as we continue to process the mass shootings that happened in Texas and Ohio just last weekend. These shootings took the lives of at least 31 people and wounded many more. The Latinx and particularly Mexican community was a targeted group in El Paso as the shooter posted an anti-immigrant and hate-filled manifesto just minutes before the shooting on 8chan, which the founder has since called on to be shut down. As TIME's Jasmine Aguilera reports, the Walmart that was at the center of Saturday's mass shooting has been a place where shoppers from Ciudad Juárez come to shop, especially in the lead up to back to school. In a Facebook post, El Paso County Sheriff Richard Wiles wrote:
Today, we're bringing you updates on the repercussions of the shootings on the Latino community, how these events are affecting the local economy, and more.
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
Gun stores in El Paso are busy: This weekend El Pasoans, many Latino, began buying firearms for the first time following this weekend's events. Just 24 hours following the mass shooting, places like Gun Central, a shop along Interstate 10, were reportedly crowded with clientele seeking to buy a gun or otherwise getting in line for the store's shooting range. “I never thought I’d carry a gun, but now I want something to defend myself, to defend my fellow El Pasoans," April Sanchez, a marketing executive told The Guardian. The story comes from Bryan Mealer for The Guardian.
Latinx are majority in California, but struggling to grow💰: The Latino community in California became the largest ethnic group only five years ago and today represents 39 percent of the state. But in economic terms, it is lagging behind due to lack of access to mentorship and training, according to recent reports. For Latinx entrepreneurs, finding access to capital is also a nationwide issue. The access issue for business owners is represented in the numbers: businesses owned by Latinos tend to be smaller and make less in revenue than its white or Asian counterparts. What is also unique about Latinx entrepreneurs in California that may help explain this gap is that many start their businesses out of necessity because they are not finding jobs, according to the founder of the California Civic Engagement Project. This story is reported by Alice Salles for The Epoch Times.
Know the powerful/potentes Latinx and up-and-comers in the money world.
How business groups are helping Latinx entrepreneurs in Chicago reach capital: At least two groups in Chicago are working on offering resources to budding Latinx entrepreneurs in Chicago. Rogers Park Business Alliance and Little Village Chamber of Commerce are introducing business training programs, Spanish instructors and spaces for entrepreneurs. Take, for instance, the incoming Xquina Cafe which will operate as both a coffee shop and business incubator. A $250,000 grant from the city's Neighborhood Opportunity Fund will assist in the opening of the cafe. The article by Abdel Jimenez is in The Chicago Tribune.
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Put your money/monedita where your mouth is! Some money updates for thought.
Latinx businesses are growing at twice the rate than other U.S. firms 🛍️: While this stat may be a bit expected more than it is news, it is also a good reminder as to why we should pay attention to the Latinx entrepreneur community. Today, there are 4.65 million Hispanic-owned businesses, per Claritas LLC's Hispanic Small Business Report. From 2012 to 2018 alone, this number has grown by 40.2%. Another positive indicator? Latinx businesses are also technologically savvy, with 36% making almost all or all revenue online in comparison to their counterparts (18%). Read a full summary of the report here.
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