Hispanic-owned businesses grow in Minnesota

“Sanchez’s is one of a fast-growing network of Hispanic-owned businesses altering Minnesota’s cultural and economic landscape. Hispanics owned 3,984 businesses in Minnesota in 2002, generating $463 million in sales, according to a Census Bureau report released Tuesday. Between 1997 and 2002 Hispanic-owned businesses in Minnesota grew by 10 percent, while sales grew 18 percent over the same period.

That’s faster than the state’s 8 percent average growth for all businesses, but slower than the surge of Hispanic-owned businesses nationally. The total number of Hispanic-owned businesses in the U.S. rose 31 percent between 1997 and 2002, three times the national average for all businesses. New York, Rhode Island, Georgia, Nevada and South Carolina had the fastest rates of growth.”

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