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SALT LAKE CITY — The Wasatch Front is a top 10 leader in the U.S. for minority-owned businesses, according to a recently released ranking from Nerdwallet.
Citing low unemployment, a fast-growing Hispanic community and a high amount of Small Business Administration loans issued, three Wasatch Front metro areas are primed to provide opportunities to minorities interested in starting a business.
“Utah’s hard-working Hispanic business community is an important part of the state’s economic success,” Gov. Gary R. Herbert said in a prepared statement. “Working together, Utah continues to lead the nation in business opportunities.”
Nerdwallet, which provides "consumer-driven advice about personal finance," looked at overall business climate, local economic health and access to financing opportunities to help determine rankings. All three metro areas — Ogden-Clearfield ranked 8th, Salt Lake City ranked 9th and Provo-Orem, 10th — experienced at least 40 percent growth in minority-owned businesses from 2007-12. The Provo-Orem area experienced the highest rate of growth in Utah at 75.1 percent.
“The business environment has been good to all Utahns, including the 10,000 Latino-owned businesses in the state,” Francisco Sotelo, president and CEO of the Utah Hispanic Chamber of Commerce, said in a statement. “If you are Hispanic and want to start a business, there has never been a better time.”
The Utah Hispanic Chamber of Commerce is holding its annual convention with more than 1,000 attendees May 20 at the Salt Lake Sheraton Hotel, 150 W. 500 South. With the theme, “Utah’s Super Consumer: A Blueprint to Winning the Hispanic Market,” participants can learn about how to effectively reach the Hispanic market.
