Providence Ranks Last in U.S. for Hispanic Entrepreneurs
GoLocalProv Business Team
Providence Ranks Last in U.S. for Hispanic Entrepreneurs
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).
“U.S. Hispanic Chamber of Commerce President Javier Palomarez once described Hispanic entrepreneurs as ‘America’s business future.’ Not only is the Hispanic and Latino community expected to make up a third of the entire U.S. population by 2050, but this demographic is also creating businesses at 15 times the national rate today, according to a report from analytics firm Geoscape and the USHCC,” said the report from WalletHub.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSince 2012, the more than four million Hispanic-owned businesses in the U.S. have driven an extra $144 billion in combined yearly revenue, bumping 2015’s total to $661 billion.
SEE METHODOLOGY BELOW
Methodology
In order to determine the best cities for Hispanic entrepreneurs, WalletHub’s analysts compared the 150 most populated U.S. cities across two key dimensions, namely “Hispanic Business-Friendliness” and “Hispanic Purchasing Power.” With regard to our sample, please note that “city” refers to city proper and excludes surrounding metro areas.
First, WalletHub identified 19 relevant metrics, which are listed below with their corresponding weights. Each metric was given a value between 0 and 100, wherein 100 represents the most favorable conditions for Hispanic businesses and 0 the least. Data for metrics marked with an asterisk (*) were available only at the state level.
Finally, the study calculated the overall score for each city using the weighted average across all metrics and ranked the cities accordingly.
Hispanic Business-Friendliness – Total Points: 60
Share of Hispanic-Owned Businesses: Double Weight (~9.23 Points)
Note: This metric measures the number of Hispanic-owned firms adjusted for the Hispanic population.
Hispanic Entrepreneurship Rate: Double Weight (~9.23 Points)
Business-Friendliness Score: Full* Weight (~4.62 Points)
Entrepreneurial Activity Index: Full* Weight (~4.62 Points)
Industry Variety: Full Weight (~4.62 Points)
5-Year Survival Rate: Full* Weight (~4.62Points)
Significant Startups per Capita: Full Weight (~4.62 Points)
Note: This metric measures the 5- to 15-year survival rate of startups with at least five employees.
Small Business Loans per Total Number of Small Businesses: Full Weight (~4.62 Points)
Average Monthly Rent for Office Space: Full Weight (~4.62 Points)
Corporate Tax Rank: Full* Weight (~4.62 Points)
Length of Average Workday: Full Weight (~4.62 Points)
Hispanic Purchasing Power – Total Points: 40
Affordability: Full Weight (~5.33 Points)
Note: This metric was calculated by dividing the median annual income of Hispanics by the cost of living index.
Income Growth for Hispanics: Full Weight (~5.33 Points)
Housing Affordability for Hispanics: Full Weight (~5.33 Points)
Note: This metric was calculated by dividing the median annual income of Hispanics by the median house price.
Hispanic Unemployment Rate: Full Weight (~5.33 Points)
Percentage of Hispanic Residents: Full Weight (~5.33 Points)
Hispanic Population Growth: Full Weight (~5.33 Points)
Percentage of Hispanics with at Least a Bachelor’s Degree: Full Weight (~5.33 Points)
25 Ways to Support Small Businesses in RI
Grab a Snack
8 Bowen’s Wharf, Newport
Signature almond butter toffee hand-crafted in small batches with the best ingredients. Almonds, sweet cream butter, pure sugar, salt and dark chocolate are skillfully piloted through heat and cold to create a classic treat you can’t resist.
Shop for Dad
39 Warren Ave, East Providence, RI
Not sure what to get dad for the holidays?
Go out together and be entertained at East Providence’s Comedy Connection where local and international acts like Norm MacDonald, DL Hughey, and Carlos Mencia are currently set to perform!
Shop for Mom
154 Mill Street, Newport
Inspired by music, art and the laid-back vibes of the West Coast, this women's wear boutique offers a merchandise assortment consisting of statement pieces from contemporary brands not typically found in local shops.
Shop for Someone Special
180 Pleasant View Ave, Smithfield, RI
Get that special person in your life a gift to remember this holiday.
AC Jewelers can create custom wedding bands, engagement rings and even has a selection of pre-owned Rolex’s and other fine jewelry to suit any taste.
Photo: AC Jewelers
Shop for a Difficult Buy
14 Imperial Place, Providence, RI
Do you have someone on your list that is very hard to buy a gift for?
Try giving them a different type of relaxing experience with Emerging Energy Acupuncture they offer acupuncture, massage, and herbology services to sooth the body and the mind.
Take a Break
184 County Rd, Barrington
Take a break from your Christmas list and head over to Barrington Books.
They have a wide selection of art, philosophy, fiction, and even a graphic novel section to spark your curiosity.
Grab Some Lunch
Luigi’s Restaurant & Gourmet Express
1357 Hartford Ave, Johnston, RI
In a rush? Luigi’s Restaurant & Gourmet Express offers authentic Italian Cuisine that is already prepared and ready to eat at your request!
Sit in or take your meal on the go.
Photo: Luigi's Restaurant and Gourmet Express
Even More Lunch!
156 County Rd, Barrington, RI
If you’ve got a hearty appetite and love Thai food try Tong D Restaurant for lunch during your shopping excursions.
Tong D has an amazing selection of spicy curry, savory rice, and delicious noodle dishes and even offers vegan selections.
Do Something Creative
99 Spring Street, Newport
A community space, bringing together artists and creatives while providing a storefront location to display and sell local artwork and apparel.
Participate in and Event
Small Business Saturday Shop RI at the Crowne Plaza
801 Greenwich Ave, Warwick
Small Business Saturday Shop RI at the Crowne Plaza in Warwick from 9 a.m. to 4 p.m.
The event will feature over 100 Rhode Island Small Businesses and vendors including entrepreneurs, artists, Farm Fresh RI, Social Venture Enterprises, veterans, and minority-owned businesses.
Get Some Retail Therapy
6 West Marlborough Street, Newport
Offers the latest fashion trends for men and women at an affordable price.
The flagship store is located in Narragansett.
Get Ready for a Night Out
9 Pier Market Pl, Narragansett, RI
Spa Thayer will have a special on gift certificates: buy one gift certificate and get one 50% off any combination of services.
Don’t forget to book yourself and appointment this Saturday to freshen up after a long holiday weekend, and enjoy 10% off in spa credit.
Grab Yourself a Treat
21 Charles St., Wakefield, RI
Get some retail therapy at Sweenor’s Chocolates and take home a treat for yourself, and your loved ones - but mostly yourself.
Choose from their assorted boxed chocolates, fudges, and sugar-free candies.
Photo: Sweenor's Chocolates
Improve Your Space
Mello’s Farm and Flowers Center
444 Boyds Ln., Portsmouth, RI
Grab some fresh blooms this holiday from Mello’s Farm and Flowers Center.
The family owned and operated business also offers poinsettias, trees, and wreaths to decorate your home with this holiday.
Photo: Mello's Farm and Flowers Center
Out With the Old
Second Helpings
32 Gooding Avenue, Bristol, RI
Replace some gently used items around your home and get money back to replace them at Second Helpings.
The consignment shop also has plenty of furniture and stylish home goods to revitalize your space.
Photo: Second Helpings
Gear Up
328 Atwood Ave - Cranston RI
Second Time Around Sports has plenty of new and gently used sports gear for the athlete in your family.
They also offer special deals on ski and snowboard goods in store - perfect for winter sports during their race to black Friday event which extends all weekend.
Solve a Problem
Bad Dog Tools
24 Broadcommon Rd., Bristol, RI
Bad Dog Tools’ staff can help you find the right tools for the job.
Replace your old drill bits, saw mills and more so you can get back to work on your home improvement project.
Don't Forget Fido
Pet Foods Plus
30 Gooding Ave., Bristol, RI
Pet Foods Plus has a wealth of accessories and new foods and treats to keep your pets happy this winter.
Don’t forget your best friend while out on your holiday shopping spree!
Grab a Drink
The Eddy
95 Eddy St, Providence, RI
The Eddy is one of the coolest places to grab a cocktail before you make your rounds for the weekend.
Enjoy a signature creation like their “Orange Julius Caesar”, “Solera Flare” or “Up All Night…” cocktails made fresh and don’t forget to grab a bar snack!
Photo: The Eddy
Enjoy Local Atmosphere
Aurora
276 Westminster St., Providence, RI
Aurora features live music, great drinks, and an even better atmosphere. A great way to spend Small Business Saturday.
Photo: Aurora
Enjoy a Show
Avon Cinema
260 Thayer St, Providence, RI
The Avon Cinema will be playing new independent and foreign films in an intimate atmosphere.
Find out what’s playing soon and don’t forget your popcorn!
Buy Cool Memorabilia
537 Pontiac Ave, Cranston
Comics, records, toys, video games and more, The Time Capsule in Cranston is a great place for holiday shopping during Small Business Saturday.
The Time Capsule opens at 11 a.m. on Saturday.
Bar Hop
60 Dorrance St, Providence, RI
The Dorrance has an ever-changing cocktail menu and is just a stone’s throw away from other bars like G Pub, Circe, and Congress.
The Dorrance is the perfect spot to start the night right and grab some seriously tasty bar food like their Rhody Calamari, and Duck Confit and Pumpkin.
Photo: The Dorrance
Grab A Late Night Snack
121 Washington St., Providence, RI
Grab some dessert after a long day of shopping and a night of festivities at Local 121.
Choose from their créme brûlée or homemade ice cream and sorbet collections.
Photo: Local 121
Pick up New Music
580 Wickenden St, Providence
Need some new music to listen to? Maybe you want to go back in time and pick up some oldies but goodies.
Olympic Records has everything that you are looking for.
