WORCESTER – A report released on Thursday by the data experts at Wallethub has listed Worcester among the worst cities in America for Hispanic entrepreneurs.
According to the report – by financial writer Adam McCann – Worcester ranks #175 out of 182 American cities for the best locations for a Hispanic-owned enterprise.
Worcester’s poor ranking, according to Wallethub, is attributed to its lack of “Hispanic business-friendliness” and “Hispanic purchasing power.”
Wallethub compared each city across more than 20 indicators including Hispanic entrepreneurship rate, median annual income of Hispanics and share of Hispanics with at least a bachelor’s degree.
WPI Professor Frank Hoy was quoted in the report stating that money and language are the two biggest challenges facing Hispanic entrepreneurs.
“For Hispanic/Latino…entrepreneurs with low socioeconomic status, capital for starting and growing ventures is limited, and they may not have access to networks that can channel funds to their ideas. Low income is typically associated with low levels of education, compounding the problem of obtaining capital. And discrimination against Hispanics, especially immigrants, is very real in parts of the country,” Hoy said.
To see how Worcester compares to other cities in the United States, see the map below: