On June 15, 2021, the Bridgeton Area Chamber of Commerce held “Hispanic Business: The Power of Culture” to underscore the immense positive impact of the Hispanic business community on the local economy and region, and discuss how to continually support this fast-growing segment of business owners.

The event was hosted at the Alms Center in Bridgeton and online. Keynote speakers included Ray Lamboy, President/CEO of LAEDA and Luis De La Hoz, Chairman of the Statewide Hispanic Chamber of Commerce of NJ.

According to the Stanford Latino Entrepreneurship Initiative, between 2009-2019 the number of Latino business owners grew 34%, compared to 1% of all business owners in the United States. Between 2018-2019, Latin-owned businesses reported an average revenue growth of 14%, outpacing the growth of the US economy.

Ray Lamboy discussed strategies to meet the unique needs of the Hispanic business community, emphasizing that “Hispanic businesses are not a monolith; each community has unique challenges and needs as does each level of business – merchant, professional services, or small and medium size companies.”

Other strategies shared by Lamboy include building relationships with trusted advisors, gaining understanding of Hispanic entrepreneurs at all levels of the business, tailoring engagement and solutions around the unique needs of different entrepreneurs and cultures, and building trust by starting with small initiatives.

Access to capital and access to markets were named by both Lamboy and De La Hoz as crucial for the Hispanic business community. Historically underfunded communities not only need access to comprehensive business training and counseling, but the opportunity to take their business to scale through access to financing.

“LAEDA truly believes the convergence of marketing, business and real estate development at a grassroots level can stimulate the economic growth desired from the implementation of a revitalization plan in Bridgeton.”