The study released by the Greater Indianapolis Chamber of Commerce shows that possible barriers for Hispanic businesses include a lack of capital and mentoring.

Press Release

INDIANAPOLIS – Education and networking opportunities are among the highest priorities of Hispanic Business Enterprise (HBE) owners, according to a report released today by the Greater Indianapolis Chamber of Commerce’s Hispanic Business Council.

The collaborative market research effort led by Latinus Group Enterprise Facilitators, working closely with the IUPUI Solution Center and the Indiana Business Research Center, was implemented to better understand the characteristics and business development challenges of Hispanic business owners in the greater Indianapolis area.

“This research is the first of its kind and the most comprehensive effort ever made to collect and analyze data from Hispanic Business Enterprise (HBE) owners in central Indiana,” said Roberto Curci, Ph.D., Latinus Group Enterprise Facilitators.

The Hispanic Business Council’s objective was to determine how resources can be used more efficiently to support a growing Latino/Hispanic business community. Research was conducted in spring and summer 2007, followed by data analysis last fall. Research methods included literature review, in depth interviews, survey development and pre-testing followed by sample frame, interviewers’ training and data gathering.

One hundred ninety HBEs responded to the in-person survey. The research indicates a perception of resources needed including mentoring, marketing and sales education and assistance/education in managing accounting and taxation.

Perceptions of possible barriers include lack of capital, lack of mentoring and limited access to large corporations or public opportunities.

While education and networking opportunities are priorities, specific recommendations include, expanding the Hispanic Business Council’s current Mentor-Protégé, program, training in business plan development/implementation, training in English as a second language and further education in marketing.

“What we have learned will assist the Indianapolis Chamber, the Hispanic Business Council and the City to develop specific programming, education and partnerships to address the needs noted in the report,” said Charlie Garcia, Chairman, Greater Indianapolis Chamber of Commerce and President of Garcia Construction Group, Inc.

Since the alignment between the Indianapolis Hispanic Chamber and the Greater Indianapolis Chamber of Commerce in 2005, great strides and accomplishments have taken place in providing leadership and development among the Latino business community.

“The Indianapolis Chamber and Hispanic Business Council’s goals are parallel in maximizing value for all of our members through current programs such as the Mentor-Protégé Program, Main Street Institute and Slingshot to name a few,” said Roland Dorson, President, Greater Indianapolis Chamber of Commerce.

“Most importantly, the Indianapolis Chamber and the Hispanic Business Council will continue to provide innovative and thoughtful programs and studies, such as this specific report, that will further develop opportunities for all business owners to thrive in today's global marketplace.”

Source: The Greater Indiana Chamber of Commerce