Diandra Ko

Every year, Hispanic Heritage Month provides an opportunity to reflect on the impact Hispanics have made in our culture. However, their tremendous impact continues year-round through our food, sports, business, politics, science, education and the arts.

Yet one of the most important and lasting impacts that isn’t often recognized is the role that Hispanic women play in accelerating the nation’s economy.

The recently released U.S. Latina GDP Report, funded by Bank of America, reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021 – that’s larger than the economy of Florida and every state except California, New York and Texas.

In fact, Latina economic output has grown over 50% in a decade, driven by labor force participation and higher educational attainment that far outpace their peers, and this growth is multi-generational. 

This incredible momentum is found here in the Fresno and Visalia region as well.

“We had seen so many Latinas enrolling in our business classes, averaging 70% of the participants that we created an entirely new business program for Hispanic women called Latinapreneur. So it’s no surprise that Latinas are driving such incredible momentum in our economy,” said Dora Westerlund, president and CEO of the Fresno Area Hispanic Foundation. “The determination and ambition among Latinas are truly remarkable.”

The Foundation’s Latinapreneur program was launched during the start of the COVID-19 pandemic to help build capacity in marketing, financial wellness and other business development fundamentals during a business’ initial stages. The eight-week program helps women entrepreneurs create a strategic business plan and implement digital platforms in their day-to-day operations to increase their online presence and overall sales. Each participant receives 16 hours of business consulting and training to generate growth in sales and job creation.

Nora Alicia Guillen, owner of Bear Pro Tree Service, is a participant in this year’s Latinapreneur program and sees herself reflected in the new Latina GDP Report, noting that her business has been expanding.

“I have been faced with many challenges being a Latina entrepreneur, especially being in a field of work that’s predominately run by men,” Guillen said. “I sought out additional business education and gained a network of Latina entrepreneurs ready to help my business succeed. Today, I have more customers and have been hiring.”   

Yvonne Sanchez, Merrill Wealth Management Resident Director and part of Bank of America’s leadership team in Fresno, agreed with the report’s findings. “We see these similar gains across Bank of America’s consumer, business and wealth management clients in the region. More Latinas are growing their finances at all points along the wealth continuum – from building upon their savings, buying homes, running businesses, building wealth and becoming more affluent,” Sanchez said. “Yet the findings in this report still far exceeded expectations.”

“As this demographic continues to progress seemingly exponentially, every industry they touch will be positively impacted and we should all take notice,” she added.

Through this increased educational attainment, labor force participation and powerful entrepreneurial mindset, Latinas continue to drive the economy in ways that uplifts their communities, propels economic mobility and creates generational wealth. They are also role models showing the next generation what is possible with dedication and opportunity.

Bank of America funded this body of research because this type of formalized data can help shape the narrative around Hispanic women, making clear just how important we are as a consumer powerhouse and financial decisionmaker.

This year, as we celebrate Hispanic Heritage Month, take a moment to recognize the significant role Latinas play in our nation’s economic and cultural growth.

These women are not just contributing to the economy; they are giving life to it.

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Diandra Ko is vice president of small business for Bank of America in Fresno and Visalia.