In roundtable talk, Latino leaders zero in on economic issues

What’s the state of the economy for Latinos in Nevada?

That’s the question the National Council of La Raza (NCLR) and the Las Vegas Latin Chamber of Commerce sought to answer Tuesday.

While Nevada’s economy is rebounding from a destructive recession, the Latino community was particularly hard hit.

“What we’ve seen over the last decade is the loss of wealth, with all of the foreclosures, those suddenly couldn’t afford a home. Latinos and African Americans lost trillions of dollars of wealth over the last decade,” said Albert Jacquez, director of the NCLR Policy Analysis Center.

Between 2008 and 2011, the median household income for Latinos, declined from a high of 46,100 to 39,604.

As of 2014, those households had not yet fully recovered, though the median household income had risen to $43,640.

UNEMPLOYMENT HITS HARD

Among states with the highest number of Latinos in the workforce, in 2015, Nevada had the second highest Latino unemployment rate at 8 percent, compared to 6.6 percent nationally, according to Bureau of Labor Statistics data. As of 2015, 28.1 percent of the state’s population was Hispanic, according to the most recent U.S. Census Bureau data.

Peter Guzman, president of the Las Vegas Latin Chamber of Commerce said the Latino community faces obstacles in accessing loans for businesses.

Guzman said some Latino immigrants who want to open businesses, “may not have that tradition of credit because they just got here from another country, but that doesn’t mean they don’t know what they’re doing.”

Guzman added that other Latino entrepreneurs could face networking obstacles. Guzman said the Las Vegas Latin Chamber of Commerce helps these businesses with mentorship and by helping them get licensed.

The Las Vegas Latin Chamber of Commerce has 1,500 members and has grown 40 percent over the last ten years, Guzman said.

Founded in 1968, the National Council of La Raza is the nation’s largest Latino advocacy organization.

In a roundtable discussion Tuesday, members of both organizations talked about how Latino workers, investors, entrepreneurs and consumers are helping to shape the state’s economy and how they are faring during the economic recovery.

MAKING THE LEAP

One Nevadan who made the leap from employee to small-business owner and navigated the economic downturn is Juan Castaneda, 62.

Castaneda has owned Cake World Bakery, which sits off North Maryland Parkway and East Stewart Avenue, for 15 years.

Castaneda, who immigrated from Guanajuato, Mexico, 42 years ago, worked as a baker at the first Latin bakery La Hacienda in the 70s.

After working as a pastry chef at Jerry’s Nugget for 20 years, Castaneda worried when there was talk of the casino being sold. He decided to start his own bakery and invited his assistant chef and another baker to join him. Together, the three pooled together savings and opened Cake World Bakery. Fifteen years later, his two business partners have successful bakeries of their own, Castaneda said.

Castaneda said he second guessed himself the first two years because of the stress associated with being a first-time business owner.

“Every mistake you make costs you money,” said Castaneda.

Initially, Castaneda said he sold a variety of sugar-free items and Italian pastries but they didn’t sell well. He then switched to selling more pan dulce, or Mexican sweet bread and was more successful. Castaneda said his clientele is 75 percent Latino, but that in recent years, he has had more business from people coming from the renovated Downtown area.

THE STRENGTH OF GOOD HIRES

Leo Murrieta, 29, is owner of Murrieta and Associates Consulting LLC, which works with political campaigns and nonprofits, among other groups.

Murrieta, who has a background in political organizing, recently got his business license and is now shopping for a bank.

“There’s a lot of questions that I have,” said Murrieta, who has sought help from the Las Vegas Latin Chamber of Commerce and the Gay and Lesbian Chamber of Commerce of Nevada.

Murrieta said his biggest problem so far was finding qualified communications associates that are bilingual.

Castaneda said the economy is getting better in recent years and that he is scouting real estate to open another location. In the last 15 years, Castaneda said he’s learned that the key to a good business is to hire people that have integrity and are passionate about what they do.

Reflecting on all that he’s learned, Castaneda said, “You need to risk in order to win.”

Contact Alexander S. Corey at acorey@reviewjournal.com or 702-383-0270. Find him on Twitter: @acoreynews