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NEW YORK, Oct. 12, 2020 (GLOBE NEWSWIRE) — Before the coronavirus pandemic hit, revenue growth of Latino-owned companies was up 10% over last year, but like most other businesses in America, their fortunes have declined dramatically since March, according to the annual Biz2Credit Latino-Owned Business Study for 2020.

Using February as a baseline, the analysts found that the sales of Latino-owned business dropped 42% in March and April and are down 21% during the 12-month period from Sept. 16, 2019 – Sept. 15, 2020. Even more troubling was the discovery that costs for Latino companies that applied for Paycheck Protection Program (PPP) funding have risen higher than their revenues in the ensuing months.

“Many Latino-owned firms are spending more money than they are generating. Their costs, which now include spending on masks and sanitizing measures, now exceed their revenues,” said Biz2Credit CEO Rohit Arora, one of the nation’s leading experts

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Frank Rodriguez, owner of Frank Hair Artist, talks about how online sales and a no walk-in policy have helped the salon stay busy during the pandemic.

Indianapolis Star

Thousands of Latino and Hispanic-owned businesses in Central Indiana generate millions of dollars of revenue annually.

And according to the Indy Chamber’s Hispanic Business Council, the majority of these are small businesses or self-employed entrepreneurs.

A Stanford Latino Entrepreneurship Initiative study released last year, showed Latino-owned businesses employ more than 3 million people and contribute nearly $500 billion in annual sales to the U.S. economy.

La Estrella is IndyStar’s first Spanish-language newsletter.Sign up for free here. 

But after the coronavirus pandemic forced businesses to shut down, these figures could change. 

Though there’s little to no data available yet to show the impact the coronavirus pandemic on these businesses, Latino business advocacy groups in Indianapolis are mobilizing to help them remain

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Frank Rodriguez, owner of Frank Hair Artist, talks about how online sales and a no walk-in policy have helped the salon stay busy during the pandemic.

Indianapolis Star

Frank Rodriguez’s dream was to open a hair salon on Mass Ave. 

He eyed the spot where it would be, on the 700th block, he said. 

He and his boyfriend, Luis Perez, would walk by often and look through the window of the space that was up for lease. 

“We knew exactly how we would decorate it and where everything would go,” Rodriguez said. “We had it all planned out already.”

La Estrella is IndyStar’s first Spanish-language newsletter. Sign up for free here. 

And he made it happen. He got the keys in 2017 and opened Frank Hair Artist, the 28-year-old’s second hair salon in Indianapolis, at 739 Massachusetts Ave. 

Rodriguez’s salon concept was by-appointment-only and soon after he created a

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 <span class="copyright">(Micah Fluellen and Martina Ibáñez-Baldor / Los Angeles Times)</span>
(Micah Fluellen and Martina Ibáñez-Baldor / Los Angeles Times)

How do you compile a list of all of the Latino-owned lifestyle businesses in Los Angeles?

In a city where Latinos are nearly 50% of the population, there is certainly much to celebrate. So in honor of Hispanic Heritage Month we decided to start compiling a list, and in the process, one thing is clear: There are a lot of Latina business owners out there.

We recently highlighted a number of small independent Black-owned fashion and design businesses in Los Angeles, and want to do the same for Latino brands. If you have a favorite that we missed, please let me know and we may add it to the list. Keep in mind that many businesses have limited hours, and products, due to COVID-19 restrictions.

Designer Beatrice Valenzuela in her Echo Park studio. <span class="copyright">(Mariah Tauger / For The Times)</span>
Designer Beatrice Valenzuela in her Echo Park studio. (Mariah Tauger / For The Times)

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