Spotlight on Hispanic Initiatives
In July 2023, the Hispanic population reached 65.2 million, which makes it the nation’s largest racial or ethnic minority — 19.5% of the total population1. This group is the fastest-growing contributor to the U.S. economy, and accountable for $3.2 trillion of the nation’s gross domestic product2. Despite this impressive growth, there are still many barriers that inhibit the Hispanic and Latino population from fully participating in the free market economy.
This is evidenced in our national homeownership rates: 49.5% of Hispanic or Latino Americans owned their homes in 2023, compared to 70.4% of non-Hispanic White Americans. Additionally, of all business owners in 2022, only 14.5% were Hispanic4, showing room for growth to reach the population demographics.
Addressing The gaps
To address these gaps, Operation HOPE launched the Hispanic Initiatives department last year, to enhance our outreach with programs and services specifically designed to better serve the non-English community. This involved creating more tools and resources that support bilingual coaches’ efforts to help individuals and families improve their financial capabilities and grow intergenerational wealth.
“Operation HOPE Hispanic Initiatives aims to amplify the financial wellbeing of the Latino community throughout the US by empowering, promoting, and supporting individuals to become self-reliant. By providing education and coaching in their native language, Operation HOPE improves access to financial opportunities for Nuestra Comunidad,”explains Program Manager Maribel Medina.
Making a Difference
We have increased dedicated resources to better serve this growing population in the following ways:
The Impact
Our resources have boosted the Hispanic and Latino share of the clients we serve from 6% in 2021 to 15% within the last year and 19% in the most recent quarter. To support this growth, Operation HOPE’s bilingual coaches make up almost 30% of our in-person and virtual workforce across the nation. Our bilingual coaches represent over 10 different Hispanic and Latino countries and their cultures.
To address the aforementioned gaps in homeownership rates, Operation HOPE has helped Hispanic and Latino homebuyers secure $27,011,981 in mortgage loans since 2021 – with over $7 million of that attributed to 2024 so far. Many of our clients say they didn’t even know becoming a homeowner was a possibility for them.
“At Operation HOPE, we believe in teaching people how to fish, not just handing them the fish,” says Ms. Medina. “Through our financial education in Spanish, we equip the Latino community with the tools they need for long-term success. We’re not just helping them build wealth; we’re helping them create a legacy. This knowledge provides stability, growth, and the ability to achieve dreams that may have seemed out of reach.”
Through our Credit & Money Management Program and the guidance of our Coaches, our Hispanic and Latino clients increased their credit scores by an average of 40 points in 2023. They reduced their debt by $1,911 and increased their savings by $1,271. This nest egg, along with Small Business Development coaching and additional resources to funding, will allow for more Hispanic and Latino business dreamers to become small business owners. Ms. Medina adds, “the contributions of Latinos to this country are immense, based in a strong work ethic and a great determination to push twice as hard when needed. Through the Hispanic Initiatives we are empowering and setting up our communities for success.”
How to Help
We are always looking for additional partners who share our vision for helping Hispanic Initiatives. You can help in a number of ways including making a financial commitment, providing volunteers, or offering free or discounted products or services that can help a Hispanic & Latino business move towards success.