When Veronica De La Torre moved to Denver in 1997, she left the bakery she owned in Mexico – but not the dream of some day having her own business again.
After saving money for eight years, De La Torre and her husband, Jaime Macias, in April opened Panaderia Tapatia in Thornton.
The couple are among a rapidly growing number of ethnic minorities and women in the United States who own their own businesses. And the rate at which minority groups and women are diving into ownership far outpaces the national average, according to a report released Thursday by the U.S. Census Bureau.
The number of U.S. businesses grew between 1997 and 2002 to 23 million, an increase of 10 percent. Of Colorado’s 465,011 companies, 135,224 are owned by women. Hispanics own 24,054 companies, blacks own 7,067 companies, and Asians own 10,917 businesses, according to the survey.
Since 2001, the U.S. Small Business Administration has nearly tripled its number of loans to women starting businesses in Colorado and doubled the number of loans to Hispanics, said Chris Chavez, a spokesman with the SBA regional office in Denver. So far this year, the SBA has guaranteed 102 loans to Hispanics and 396 to women.
“Women still have issues in terms of access to capital and information,” Chavez said. “But as women become more involved in the business community, you’re going to see these numbers double again in the next two to five years.”
After working 13 years for State Farm Insurance, Michelle Stefanon was ready to try something new.
“State Farm is a great company, but not something I wanted to do for the rest of my life,” she said.
So she opened Amore Fiori Flowers & Gifts in Denver’s Stapleton neighborhood.
Like De La Torre and Macias, Stefanon applied for a loan from the Colorado Enterprise Fund, a nonprofit financial institution that helps entrepreneurs start and expand small businesses.
The fund makes about 80 loans, totaling nearly $2 million, each year. Of those loans, 52 percent go to women and 35 percent go to ethnic minorities.
“We definitely target those populations,” said Ceyl Prinster, executive director of the fund.
De La Torre and her husband – who even sold their home in Aurora to raise money to open their shop – predict a bright financial future.
“We came to Colorado to have a better life and better opportunities,” De La Torre said.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
