Transcript for How Latinos' economic impact can influence the election
The economy played such a pivotal role in the presidential election. With one point five trillion dollars in purchasing power and an estimated 500 billion dollars in annual revenue. Coming from Latino owned businesses alone there's noted on Latinos are essential to the success of our country. Many generating wealth to small businesses. So how will business owners vote here's ABC's Stephanie Ross. When Luciano Gomez came to view west from Argentina nineteen years ago but she didn't know him owning a business would be in her future. None tell you that'll come easy he was might not do have my own business doesn't it was Iowa if anything he's got big help me he's got that massive Manhattan. When the pandemic Kate like many small business owners Gomez applied for the paycheck protection program loan. I'd done it the president BCA. Anyone sense a good long laugh Alice got up Indiana's egos that little lunch. On TV that the money was almost nine. Researchers from Stanford University shows that Latino business owners were approved for the PPP loan at half the rate of white business owners. Gomez dipped into her savings to stay afloat until many many seem to hear Allison on of this race and the like like I didn't have a high need to keep going. A neighbor suggested she go through a community bank where she received a 151000 dollar loan a week later. The pandemic is one of many hurdles Gomez has faced as an on trip to new war. In the beginning what were some of the challenges that you as C Latino woman seeks to. I indices Demi is not easy to navigate from Mitt from the financial are expecting to move that's is still. Irene again and and things of that nature and being Beagle gun gun and necessary take you seriously when you have an accident. Gomez has already cast her ballot for vice president Joseph blighted and tells us that she boats not just for herself but her community. I like it's funny scenes I just feel like I'll be there represented but again. It's not just about me on my business my it is he's done these these CNN has to do would be would be jumping on jail in this country is going so. It's and I think about it good economy without taking Latinos into. According to a recent study the total economic output of Latinos in the US was more than two point six trillion dollars in 2018. It's why I support policies that impact them and their businesses despite Latinos massive impact on the US economy. Many business owners struggle to see growth. Not enough business owners and burned nearly one point five trillion dollars more than Latin citizens plus driving that gas. If access to external capital there are projected five million Latino owned two businesses in these US. But research from Stanford University shows that only 3%. Of those businesses earn over a million dollars in annual revenue. Ryan Betancourt is eight Cuban American Contra Newark and one of the few Latinos running a business he says is worth millions. Last valuation it was over 35 million. Biotech entrepreneur and CEO he ventured into the shark tank in 2019. Looking for capital to bolster his burgeoning business it's time to get serious with how we feel our pets 550000. Dollars 10% of the company. And then we have a. This company success is a big step up. From his Stanley's humble beginnings. My family breezing into the US as Cuban refugees and became entrepreneurs Wednesday settled in Miami my mother my father actually started a small plumbing business. Stanley is like -- many others diverse. Yet device did I think that my own family encompasses a lot of what we see across America. Format on to whom you support don't come through to my mother who actually supports Biden we all love each other we we all cared deeply about each other. But sometimes some of the divisions are pretty strong. Betancourt is voting for vice president Joseph Biden in November and says his personal values translate to his politics what's really driving my decision. The things that I get deeply about thumb which is about science. Climate change and sustainability. And you know carry about people and our pets. While Betancourt is casting his vote for Biden in Arizona eight key swing state. Restaurant owner hoarding every bus is a proud supporter of the present. Rivas support for president trump making headlines after facing criticism. Leading some to support his business. We saw on the news last night meant me. Katzenbach flash and according trump Pennsylvania that we would come and support them. One of the reasons I want to book four president trauma he believes in law and order. And for a sound like myself who came from Osama other very violent country flowing water is very important for me. Re does is not alone according to pew research almost 20%. Of Hispanics are Republicans. And an additional 10% lean Republican. Some of the main draws to the Republican Party business and religion. Especially issues related to abortion and traditional marriage. Thousand in eight rivas tells us he voted for Barack Obama. But slowly the party he says moved in the direction she couldn't follow. The only utilities at that we have. Is to vote Republican because they nine more doors or with our moral values and the person. That we are. But for all of that divides Americans we buzz is proud of the life that he has built here in. Hobby and my wife and I having come to this country. Very early age. It is speaking very little English. It this country keeps you at airports need to educate yourself Dee Dee they'll put an easy to war car. And get rewarded. Four at. The pursuit of that American promised the fuel for so many dreams and the bedrock of an entire economy and the name. The Amy Graham and Sally. Not a lot of stuff that happens at a spot news.
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