Entrepreneurialism and a solid work ethic are strong tenets of the Hispanic culture. Given these characteristics, it’s no surprise the number of Hispanic-owned businesses in the U.S. has expanded as rapidly as it has. Since 2007, these firms have grown an astounding 57-percent to more than 4 million*.
Like most small business owners, Hispanic leaders need strong guidance in financial and insurance issues to achieve and maintain success. The potential to increase business revenues is seen in the fact that Hispanic-owned businesses have a tendency to generate average annual incomes well below the average in the U.S.* (even below the average for minority-owned businesses).
To that end, Aspira A Más was founded with the mission to increasing insurance awareness and protection, providing guidance and health insurance products to the Hispanic communities in the USA.
Hispanics account for 1 out of every 5 new entrepreneurs in the U.S., where they rely heavily on financial and insurance services. Yet close to 40 percent of Hispanics remain uninsured.* Since a lot of these businesses are small, with less than 50 employees, many of these business owners are not obligated to provide health benefits to their employees. However, many that I have met expressed great desire to provide such benefits but simply cannot afford to do so without taking on additional loans or decreasing their profit margin, which can make or break a small business.
Thus, in positively serving Hispanics, we must consider solutions that help fulfill employees’ health insurance needs which will decrease absenteeism due to illness, while reducing employer expenses associated with paying for their employees’ medical expenses.
This type of outreach can be mutually beneficial, as the Hispanic businesses become a conduit to providing health insurance alternatives that save time and money for the employer and the employees, while health insurance agents establish potentially long-term relationships within the community and gain trust as their reliable advisor.
At Aspira A Más, we do our part by working together at a grass-roots level with local organizations that are supporting Hispanic entrepreneurs and small businesses, such as Hispanic Chambers of Commerce and The Hispanic Institute. Our mission is to serve and connect with the community through education, events and expertise.
According to Javier Palomarez, President and CEO of the United States Hispanic Chamber of Commerce, Hispanic businesses are, first and foremost American businesses. “Every tax bill we pay, every job we create, every product we manufacture and every service we provide goes to benefit our nation’s economy,” said Palomarez. He also added that those businesses will contribute over $660 billion this year.**
* Geoscape (2015 Annual report) www.regionalhispanic.org
** Palomarez, J (Oct 2015) Speech at Edison Energy Education Center in Irwindale
About Aspira A Más:
Aspira A Más is a sales and marketing division of Independence Holding Company (NYSE:IHC) that is dedicated to serving the Hispanic community. Aspira A Más is a part of The IHC Group, whose carriers are rated A- (Excellent) by the AM Best Company, Inc. Aspira A Más offers qualified producer candidates with performance-based enthusiasm and commitment to the professional support they need to be in business for themselves. Learn more about the Aspira A Más opportunity by visiting www.AspiraAMas.com, and come join us!