THE STATE OF INTERNATIONALIZATION OF HISPANIC-OWNED BUSINESSES IN ILLINOIS:
Levels of Internationalization, Opportunities and Challenges
Latino/Hispanic-Owned Businesses represent economic growth opportunities in every community where they do business. In a globalized world, growth for firms can come from selling into markets beyond one's domestic borders. In a globalized world, growth for firms can come from selling into markets beyond one's domestic borders. In a globalized world, company efficiencies can be found in sourcing materials, equipment, and supplies from international vendors. Globally integrated firms take full advantage of the benefits of globalization because thy combine those twin perspectives.
Illinois has the fifth largest concentration of Hispanics and Hispanic-Owned Businesses (HOBs) in the United States. In a region rich with both the vitality of Hispanic entrepreneurs and with geographic clusters of firms that make connections to global communities easier, and important question to ask is: How well are Latino businesses partaking of global opportunities? The research presented in this report attempts to answer that question.
This research was conducted as a joint project between the Brennan School of Business, Dominican University, and the Illinois Hispanic Chamber of Commerce.
THE STATE OF HISPANIC-OWNED BUSINESSES IN ILLINOIS:
Untapped Economic & Job Creation Potential
Hispanics continue to comprise a larger portion of Illinois’ population. Since 1980 the number of Hispanics in Illinois has grown by 228 percent, from 639,885 in 1980 to 2,098,667 in 2012. As a result of this ongoing growth, the number of Hispanic-owned businesses (HOBs) in Illinois has grown to approximately more than 70,000.
Hispanic-owned businesses have the potential to have a significant economic impact on the Illinois economy. By helping grow both the number of Hispanic-owned businesses and their earnings relative to other Illinois businesses, HOBs could help create hundreds of thousands of jobs, driving down unemployment and generating billions of additional revenue in Illinois.
This report identifies some of the challenges Hispanic business owners face. Understanding these challenges and identifying effective ways to support the growth and success of Hispanic-owned businesses will help Illinois tap into an enormous source of future employment, tax revenue, purchasing power and statewide economic benefits.