Number of Latino-Owned Businesses in RI Grew 280% in 15 Years Says Study
GoLocalProv Business Team
Number of Latino-Owned Businesses in RI Grew 280% in 15 Years Says Study
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“These findings represent a snapshot and a conversation starter for Rhode Island as we try to sustain and grow the Latino entrepreneurial spirit that is all around us. It appears that there are more entrepreneurs and micro enterprises than we thought and, therefore, the engagement they require is different. Harnessing this fast growing group is key to the state’s economic success,” said Anna Cano Morales, director of Latino Policy Institute at Roger Williams University.
An April Study Ranks Providence as the Worst City in America for Hispanic Entrepreneurs
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThis study is another data point -- a study released in April found that Providence is the worst city in America for Hispanic entrepreneurs — the city ranks 150th out of 150 cities in the United States.
Providence scores poorly in each of the measures in the study “Hispanic Business Friendliness” (Providence ranks 150th) , “Hispanic Purchasing Power” (Ranks 146th) and Hispanic unemployment (140th).
READ THAT STORY HERE
RI Growth
Specifically, the number of Latino-owned businesses increased 46% between 2007 and 2012. However, the report shows that the growth in Latino-owned businesses has not translated into a sustainable source of income for Latinos, who still have the highest poverty rate among demographic groups in Rhode Island.
"LPI’s report shows we are making progress but we have much more work to do to get there. I will continue to work with my team to break down barriers to workforce development and to provide support for the growth of Latino-owned enterprises through a range of small business assistance programs. We’re all in this together – when the Latino business community succeeds, our state succeeds,” said Rhode Island Governor Gina Raimondo.
Latino Policy Institute Recommendations
The Latino Policy Institute organized focus groups and conducted interviews in order to gauge the challenges that Latino businesses face.
Six emerging themes were identified during the second stage of the study. They include, the process, trust, education, financial resources, marketing and human capacity, and a Hispanic Chamber of Commerce.
The Institute made a series of recommendations to conclude the report:
- Having a Hispanic Chamber of Commerce that could promote a sense of solidarity and disseminate best practices.
- Establishing a public/private partnership to create a scaled-up micro-lending program or a grants program to help small businesses grow.
- Ensuring that state and private financial institutions have bilingual and bicultural staff that could provide more effective service to this segment of the business community.
Report Release
The report will be released at an event hosted at the Rhode Island State House on Friday, October 14 at 3:30 p.m.
Power List - Business
Big Bankers
Kevin Tracy and Oliver Bennett— There are deals and there are BIG DEALS. In Rhode Island, with all of the changing players and banking relationships, one reality is pretty much the same. If you have a big deal that needs sophisticated financing, the community banks may not be able to handle it.
Bank of America may have abandoned the Superman Building, but they are still in Rhode Island and still doing big deals. Kevin Tracy, the former Brown golfer and Oliver Bennett — long ago Fleet Bank trainees — are now the guys you bring in for a $50 million deal. The more things change - the more they stay the same.
Lookout
John Hazen White, Jr. — White has taken Taco to new levels as he has made a series of strategic acquisitions to bolster the Rhode Island manufacturing company into a global firm.
He continues to be a leader in American manufacturing investing in worker retention and employee training.
Behind the scenes, White is a combination of an adviser and moral compass to many in Rhode Island. Despite taking a lower profile than his Lookout RI days, White is still a force pushing for ethics reform.
Ambassador
Joe Paolino — Once the young Mayor who took over in the 1980s when Buddy Cianci was forced to resign (the first time), now the leading corporate voice in Providence if not Rhode Island.
While others complain at lunches at the Hope Club and University Club about the plight of the Capital City, Paolino has rolled up his sleeves and taken on issues like panhandling and homelessness.
With a real estate empire that includes much of downtown, some of the top properties in Newport and Hasbro’s campus in Pawtucket to name a few, Paolino has close ties to Governor Gina Raimondo and even closer ties to the Clintons - could a federal appointment be in the works in 2017?
Dominant
Steve Kirby — No one dominates commercial real estate in Rhode Island like Kirby does on Aquidneck Island. His red “Kirby Commercial” signs are literally everywhere across the island and in Newport proper -- they are more frequent than street signs.
Want to open a clothing store in Newport? Go see Steve Kirby. Looking to launch a startup tech firm? Call Kirby. Developed cool technology and want to start producing for the Navy? Email Kirby.
Kirby maybe the most influential in business on Aquidniick Island. (PS He will tell you which bankers to talk to).
Labor Boss
George Nee — President of the AFL-CIO, Nee is one of the most influential players in business in Rhode Island.
He is Vice Chair of the Convention Center Authority Board, on the Commerce Corp board, the most influential voice for labor at the State House, and involved one way or another in just about every negotiation on constructing public buildings or issuing a tax stabilization agreement in Providence.
For the most part his public persona has been more muted recently, but that has not impacted his private influence. If it happens in Rhode Island, Nee has probably touched it.
Monopoly
Sally Lapides — If Teddy Roosevelt were alive today and saw the number of Residential Properties’ real estate signs on the East Side he would call it a monopoly and want to break up the company. Lapides not only dominates one of the most affluent sections of Rhode Island, but she also delves into the arts, education and politics.
When you sell the wealthiest and most influential their homes, you make a lot of friends.
Lapides is a force in residential real estate and it will be interesting to see what she does next.
Transformative
Helena Foulkes — Two of the biggest decisions CVS ever made were the brain children of Foulkes. The Extracare card and the removal of tobacco from its stores were both influenced by Foulkes.
She has emerged as a national power in business and makes all the business lists for top women, but make no mistake - she is wildly influential in Rhode Island.
She is close to Raimondo and she may decide to jump into political waters in the future - or may decide if she can snag the CEO spot at CVS.
Visionary or Free Rider
Buff Chace — One of downtown Providence's biggest real estate magnates is a lightning rod in the Capital City. Widely considered to be one of the prime catalysts of Downcity's resurgence, Chace's accumulation of properties on Westminster Street is straight out of a Monopoly playbook.
His recent acquisition of the ProJo building has further solidified his dominance, which has not been without intense scrutiny, given his ability to continually secure -- and extend -- tax stabilization agreements at a time when the city's dire financial straits are close to reaching a head.
Wealthy, influential, and active in the community, Chace has chaired the Downtown Providence Parks Conservancy and has been a member of the Executive Committee of the Providence Foundation, and is a director emeritus for GrowSmart RI and a trustee emeritus of Trinity Repertory Theatre.
Big Time
Richard Baccari — One of the biggest real estate developers in New England. For decades he has been a major player in Providence, Rhode Island and the northeast.
During that span, he has been the driving and innovative force behind some of the region's most significant residential and commercial development endeavors.
See a Stop and Shop development and Baccari probably built it. Has fought back business challenges and much more.
