Atlanta Latinos end Hispanic Heritage Month with continued growth of economic contributions to the city

The ticketed event hosted performances and panels representing the rich Latin American history and culture found throughout the city.

Artie De Los Santos, one of the organizers of the festival, says the event partnered with a nonpartisan voting platform that checks voters’ status and provides tools to make informed decisions in November’s election. 

“We think it’s important to at least elevate, you know, those platforms that sometimes aren’t heard as much, especially in the Latino community,” he said, adding that he believes that voting is a key way to amplify the Latin-American community’s voice.

According to the Atlanta Regional Commission, the metro Atlanta area will add almost 2 million people by 2050. Hispanic and Latino residents are predicted to account for a significant portion, growing to 21%.

Meanwhile, Latino entrepreneurs are already at the forefront of business creation.

Economic Power

A recent report shows that Metro Atlanta’s Hispanic and Latino residents’ economic power continues to climb, from family restaurants to high-profile tech firms.

According to this year’s Metro Atlanta Latino GDP report, despite making up 11% of the population, the community contributed $38 billion to the state’s economy. The report spans from 2018 to 2021. 

Researchers say Metro Atlanta’s Latino communities contributed billions to the economy during the pandemic.

David Hayes-Bautista, a UCLA Geffen School of Medicine professor, co-authored the report. He says that despite high mortality rates, the community boosted the economy during the COVID-19 pandemic.

“Because Latinos stepped forward during COVID, nobody went hungry in this country, the economy continued to grow, and the Latino economy particularly grew incredibly rapidly,” he said.

Verónica Maldonado-Torres serves as the president and CEO of the Georgia Hispanic Chamber, which is currently celebrating its 40th anniversary. He believes that this year’s report could be a roadmap for future investments.

“We have been bootstrapping many things alone, but it does take investment, not only time, talent and treasure showing up in our community, breaking bread with us, building with us building programs, resources and opportunities [to see business growth],” said Maldonado-Torres.

“We hope that that’s what comes from this study.”

Latinas in Business

This comes at a time when we are Latinas starting and running their businesses at a high rate.

According to Stanford’s 2023 State of Latino Entrepreneurship report, Latinas are the country’s fastest-growing segment of entrepreneurs, contributing billions to the economy.

Still, Latina business owners seek financing more than other groups, and they receive the lowest loan approval rates from local and national banks, at just 39%.

Finding ways to support established and new businesses will remain critical as the Hispanic population in Georgia is set to rise.

According to Nathaly Loaiza, co-owner of CAL Heating & Cooling Solutions and one of the directors of the Georgia Hispanic Chamber’s Hispanic Young Professionals & Entrepreneurs (HYPE) program, the progress signals a bright future.

“Last year, we spearheaded a cohort for young entrepreneurs,” Loaiza said, noting that expanding the resources available to Georgia’s Hispanic community will remain key.

“It’s inspiring to witness that there are young people coming out here [and] Latina entrepreneurs moving forward and going for what they want.”

Local Heroes

In September, the Georgia Hispanic Chamber of Commerce honored 50 people as influential members of the Latino community.

One of the honorees was Marilyn Velez, a metro Atlanta resident who works as a compliance assistance specialist for the Occupational Safety and Health Administration. She stated that she wants to use her platform to educate others in the community on how to they can protect themselves from being harmed in the workplace.

“The sad reality is that a lot of the accidents and fatalities that are occurring in the state of Georgia are happening among Latino workers,” said Velez.

This combined with barriers like language and access to funding has made the path to success for Latino business owners a tough one.

But fellow honoree Diley Hernandez, associate vice provost for strategic initiatives at Georgia Tech, says the road needs to be cleared for future generations.

“I think it is extremely important that we create opportunities for the students to access higher education, to have access to, you know, the American dream.”