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Springfield ranks 17th for Hispanic entrepreneurs

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The Queen City ranked No. 17 in a study of the best cities for Hispanic entrepreneurs.

Conducted by personal finance website WalletHub.com, the study took into account 19 metrics, including entrepreneurship rate, median annual income, population growth and percentage of those with at least a bachelor’s degree. A city’s business friendliness toward Hispanics made up 60 points of the total, while Hispanic purchasing power made up the remainder.

Springfield’s score is 47.4 out of 100. The city ranked 20th in business friendliness and 28th in purchasing power. Springfield is one of three Missouri cities on the list of 150. St. Louis ranked 42nd, and Kansas City was No. 60. Topping the list is Laredo, Texas. Two cities in Oklahoma - Tulsa and Oklahoma City - cracked the top 10 at ninth and 10th, respectively.

Among key statistics for the Hispanic business climate, Springfield ranked:
    •    second in average monthly rent for office space;
    •    ninth in unemployment rate;
    •    11th in population growth;
    •    15th in small-business loans per number of small businesses;
    •    22nd in entrepreneurship rate;
    •    45th in startups per capita; and
    •    48th in housing affordability.

The study cited a report by analytics firm Geoscape and the U.S. Hispanic Chamber of Commerce that found the Hispanic and Latino communities are creating businesses at 15 times the national rate. Those communities are expected to make up a third of the U.S. population by 2050. Last year, 4 million Hispanic-owned businesses posted combined revenue of $661 billion, according to WalletHub.

Below is an interactive map of the most friendly cities for Hispanic entrepreneurs:

Source: WalletHub

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