The Latino business community has grown during one of the worst economic recessions in modern history…what’s next?
Editor’s note: Israel Ortega shares his personal perspectives on the in coming administration and the potential impact Latino Business owners.
Now that one of the most highly contentious and deeply partisan presidential elections is in our rear view mirror, many Latinos are finally beginning to ask what this will mean for our growing and vibrant community.
This extends to the Latino business community that has grown in recent years, even during one of the worst economic recessions in modern history.
The answer of what a Trump presidency will mean for Latino business owners is complicated because the president-elect has taken various positions on many questions of concern to the business community. This uncertainty makes it difficult to plan for the future.
Although largely subscribing to free market orthodoxy favoring lower taxes and a reduced regulatory burden, the business mogul has also made immigration restriction and protectionism central planks of his successful presidential platform.
The latter has been particularly problematic for a Latino community that is overwhelmingly supportive of immigration and immigrant labor. Of course, it is more than policy differences that have turned off a large number of Latinos to the president-elect.
Beyond Trump’s skepticism of free trade, many Latinos feel slighted by the president-elect’s harsh anti immigrant rhetoric
Among the Latino business owners that is concerned about the future for the community includes Alberto Monserrate, CEO and Co-founder of the Minneapolis, Minnesota public relations firm, NewPublica that is quoted on Spanish radio saying:
“What we heard from Trump was massive deportation, racist remarks against the judge ruling on Trump University, and he was fined for discrimination against African-Americans and Latinos back in the 70s,” he said. “There’s a lot of concern right now how will it affect economy and everything else. There’s hope that we are, as a community, wrong about Trump, that he did not mean what he said.”
Of course, not everyone in the Latino business community shares in this pessimism. Among the groups that are more optimistic include the Latino Coalition, a nonpartisan advocacy group representing the interests of Hispanic businesses and consumers. Hector Barreto, and the former Administrator of the U.S. Small Business Administration under President George W. Bush, and now the group’s chairman that recently issued a statement saying:
“We look forward to working with the Trump administration and the new congress to expand opportunities and a create positive economic environment for Americas 28 million small businesses. Small business has always been the engine of America, providing immeasurable contributions and unmatched economic, job-creating power to our economy.”
Next- Richard Aguilar, a Latino business owner in St. Paul