Hispanic/Latino Women Entrepreneurs A Rising Force In The U.S. Economy

Forbes

29-04-2025

Diana Domenech
Diana Domenech, who started Accelerate Consulting Experts, is an example of someone who juggled her life to meet the health needs of a family member. She uses what she learned in the corporate world and her background to create a successful company, all while staying true to what her family believes in. Her story shows how Hispanic and Latino women can make their own mark and achieve success in American business.
Hispanic and Latino women entrepreneurs in the U.S. are having a growing influence on the economy, according to the recently released 'The Wells Fargo 2025 Impact of Women-Owned Businesses: A preview of key figures on Hispanic/Latino women entrepreneurs.' The report reveals that their businesses have seen significant revenue growth, increasing by an impressive 61.7% between 2019 and 2024.
However, there is still a considerable gap to close: if these businesses achieved revenue parity with those owned by Hispanic/Latino men, they would add a staggering $1.7 trillion to the U.S. economy. At the current rate of growth, it will take seven decades for Hispanic/Latino women entrepreneurs to reach parity with their male counterparts.
Domenech understands these challenges firsthand. As a Puerto Rican woman, she overcame hurdles to build a successful business focused on supplier diversity. Supplier diversity programs are initiatives implemented by corporations, government agencies, and other organizations to intentionally include enterprises owned by underestimated groups, such as women, pelople of color, the LGBTQ+ community, people with disabilities, and veterans, in their procurement processes. Working with suppliers that represent the U.S. population helps companies innovate faster, reach new markets, strengthen their supply chains, and even boost their bottom line.
'It's interesting being Puerto Rican in the Hispanic community because we're the one group of Hispanics who are [born] U.S. citizens,' said Domenech.
She is a proud Nuyorican, a term initially used to denigrate Puerto Ricans in New York City, but has been reclaimed as a symbol of pride and identity. The Nuyorican movement of the 1960s and 70s brought people together to celebrate their culture through art and activism.
It helped people express themselves through art and get involved in making things better. Even now, Nuyorican culture is still going strong, showing how vibrant and tough Puerto Ricans in New York are.
Hispanic and Latino women represent 19% of all women in the U.S. and 14.5% of all women-owned businesses, making them less likely to be entrepreneurs than other women's segments. 'We [Hispanic/Latino population]
With a grandparent and an aunt who were entrepreneurs, Domenech had good role models. However, her parents believed that the road to the American Dream was to secure a good job with a pension and to work until it was time to retire, although they also encouraged her to chart her own course.
Domenech built a successful career in the field of supplier diversity. This experience honed her expertise in value-driven procurement, positioning her as a leading authority in the field.
In 2019, Domenech's father was diagnosed with lung disease and needed a lung transplant. Family means everything to her. She took a professional pause to care for her father. After he recovered from the transplant, Domenech returned to the workforce, this time as an entrepreneur.
Leveraging her extensive network and reputation, Domenech secured her first contract in 2021, marking the launch of ACE. Despite hurdles, Domenech's company has secured contracts with high-profile clients, demonstrating the growing recognition of the value that Hispanic/Latino women-owned businesses bring to the table. Even in today's environment, Hispanic/Latino women entrepreneurs like Domenech are leveraging their experience in responsible sourcing to access new opportunities and drive economic growth for their clients.
Her firm specializes in developing and enhancing supplier diversity programs for a diverse range of clients, including well-known banks, museums, nonprofits, and other types of organizations. Domenech's success highlights the importance of relationships and referrals. The relationships she built during her career continue to open doors for her to potential clients.
Even with her early success, Domenech faced challenges in growing her business. Establishing a predictable sales pipeline proved to be a hurdle.
To overcome this, Domenech sought out mentors and experts. She highlights the value of surrounding herself with a "dream team" of advisors—accountants, financial advisors, bankers, and attorneys—to navigate the complexities of growing a business.
Financing also posed a challenge. Many Hispanic/Latino entrepreneurs are traditionally risk-averse and hesitant to seek outside funding. 'Many of us growing up in Latin America or raised by parents that did, either have access to good debt options, were but educated on how to leverage debt, or were victims of the 'loan shark' environment common in many Latin American countries,' said Ramona Cendano, CPA, CGMA, CFP. She is also the founder and CEO at Fibrick, which provides accounting, bookkeeping, tax preparation, fractional CFO, and payroll services. 'As a result, Latinos are often afraid to use debt as a source of funding for personal or business purposes, missing out on the many advantages that healthy debt habits can offer.'
Domenech ultimately did embrace the concept of leveraging financial resources to fuel growth. "It's about shifting the mindset from 'I don't want to owe somebody' to 'How can I bring this infusion into my company to grow?' " she explains. This shift in perspective allowed her to secure a line of credit this year, a move that has undoubtedly contributed to ACE's ongoing success.
Domenech's willingness to take calculated risks, seek expert guidance, and adapt her mindset to leverage financial tools for growth showcases a resourceful approach that aligns with the findings of the "2025 Impact of Women-Owned Businesses" report.