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    A new generation of Latino small business owners is on the risein the cityin the Bronx, New York. With the advantages of education and experience, they are dominating the technology, media and advertising, finance,construction and real estate sectors.

    Latin Business Owners and Entrepreneurs

    The members of this new generation have mastered various business skills,unlike their parents. In addition, they are using lessons learned from the businesses of their families. As Lenny Caro, president of the Bronx Chamber of Commerce, says, today’s Hispanic business owners are more educated and understand finance. They realize what itmeans to run a business.

    Hispanics have become a force in the business community of New York. According to 2010 Census data, from 1997-2007, Latino businesses nearly doubled, making up 15% of all businesses in the city. More than 1/3 are located in the Bronx.

    According to Kenneth Bleiwas, deputy state comptroller for New York City, the Hispanic business community has grown with rapid advances over the last decade. The great majority of these businesses are mom and pop entrepreneurs running hair salons, travel agencies, andbodegas.

    Challenges Hispanic Business Owners Face and Overcome

    Alfred Placeres, president of the New York State Federation of Hispanic Chambers of Commerce, notes Latino businesses are hurting like everyone else. However, some have fought the difficulties brought by the faltering economy andmanaged to move forward.

    Merchants interested in a business loan Puerto Rico, should consider turning to First American Merchant (FAM). First American Merchant is a reputable payment processor that specializes in the high risk sector.

    According to Ali Curi, president of the Hispanic Professionals Networking Group, media and marketing is the area that has seen an influx of Hispanic businesses. Over the past 4 years, New York City government have awarded $378.8 million in contracts to Hispanic business owners.

    Hispanic business owners have had difficulty forging ahead in some industries such as finance.Today, however, the Hispanic community is growing and becoming more relevant, as Monika Mantilla, the founder of Altura Capital, notes.