Santa Clarita has put another feather in its business-recruiting cap: personal finance site WalletHub released its annual Best Cities for Hispanic Entrepreneurs list last week, and the Los Angeles County city took the No. 8 spot on the list.
The only other Los Angeles-area cities making the list were Ontario (No. 15) and Riverside (No. 17). Santa Clarita ranked third in terms of Hispanic purchasing power, and 31st on the Hispanic business-friendliness roster.
The Hispanic demographic is poised to account for 28% of the U.S. population by 2060, and one in four businesses launched in the nation is Hispanic-owned, according to the Small Business Administration.
“When evaluating the best cities for Hispanic entrepreneurs, several key indicators can provide insights into the potential for success and growth. These indicators often encompass factors that create a supportive environment for entrepreneurship, economic opportunities, and quality of life,” said Andrew Burnstine, an associate professor at Lynn University. Burnstine was a consultant on the study.
WalletHub compared more than 180 cities based on a number of key indicators of business friendliness toward Hispanic entrepreneurs, including income growth and share of Hispanic-owned businesses.