Rochester is not very friendly to Hispanic entrepreneurs, a new report contends.
In 2017’s Best Cities for Hispanic Entrepreneurs, WalletHub compared 150 of the largest cities nationwide across 21 key indicators of business friendliness to determine which regions were best for Hispanic and Latino business leaders.
Rochester ranked 135th. Buffalo ranked 143rd.
While Rochester’s Hispanic business-friendliness rank was 98th, the area ranked 144th in terms of Hispanic purchasing power. Rochester has one of the lowest median household incomes for Hispanics and Latinos, when adjusted for cost of living. The region ranked 130th, just ahead of Buffalo.
Experts polled by WalletHub agreed that one of the biggest barriers Hispanic entrepreneurs face is financing, although like other business leaders, stress also is a big challenge. Racism and xenophobia continue to play a part as well, experts said.
WalletHub—a social website launched by Evolution Finance that offers financial tools and information for consumers and small business owners—noted that the Hispanic and Latino community is expected to make up one-third of the U.S. population by 2050 and that this group of individuals is creating businesses at 15 times the national rate.
That translates into immense buying power.
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