Small Businesses in Springfield, Massachusetts: A Look at Latino Entrepreneurship
The Federal Reserve Bank of Boston has been collaborating with community leaders in Springfield, Massachusetts, on exploring revitalization strategies. Latino entrepreneurship is playing an important and increasing role in Springfield's economic development—providing new jobs and services and maintaining storefronts that might otherwise be vacant. An analyst in the Fed's community development unit, Ana Patricia Muñoz, has recently completed a discussion paper on this topic, "Small Business in Springfield, Massachusetts: A Look at Latino Entrepreneurship." Among the implications: if Springfield stakeholders were to expand their support and technical assistance, these small businesses could broaden their role in the city's comeback.
Adds Muñoz, "Although Latino self-employment has been growing, gaps relative to whites, to Massachusetts, and to the United States persist. It is therefore important to have strategies geared to Latino entrepreneurs and to reach out to them."
The Fed is looking into whether the paper's recommendations might also benefit other postindustrial cities in New England.