Study: New Mexico would lose 1/5 of businesses without Hispanic entrepreneurs

ALBUQUERQUE, N.M. — Friday kicks off a weekend full of holiday shopping, from Black Friday to small business Saturday and even cyber Monday. But, while you’re spending, do you know who you’re benefiting?

A new study ranks New Mexico as the most Hispanic-dependent economy in the U.S. It found the Land of Enchantment has the most Latino-owned businesses nationwide.

One of those Hispanic business owners, Julia Pluemer, says she wasn’t surprised about the ranking. She says many of her friends and family are small business owners and nearly all of them are Hispanic.

Her shop, Hidden Gems, isn’t so hidden on the north end of Old Town. Crystals – precious stones—and ornate works of art have lined the shelves of her store since 2019

“Hidden Gems was really a passion of mine and my kids we used to go to different crystal shops and antique shops and visit and bring stuff home and it was a passion of mine,” owner Julia Pluemer said.

But her passion quickly became a career when she opened her storefront.

“I love having a what I would say is a really rich in culture type of shop in our Old Town just because a lot of times our local artist and mom and pop shops they aren’t making it these days,” Pluemer said.

A new study published by Creditos En USA found that in New Mexico one of every five small businesses or mom-and-pop shops are owned by Hispanic entrepreneurs. They have created 208,514 jobs in the state.

“I thought that was really positive I got kind of excited that’s nice to hear not only is the culture a big part of this state but also driving economically,” Pluemer said.

The study also found that Latina women are 4% more entrepreneurial than other demographics. Many Hispanic women, like Pluemer, own multiple businesses.

“My other business is accurate process serving & notary so I deliver legal documents and a mobile notary service,” Pluemer said.

Pluemer says she is encouraged by this study not only for the future of her own businesses but for the future of her daughters.

“I think it’s just that form of independence and I have three daughters so I’m teaching my daughters that independence and knowing hey we can try certain things and it’s not hard to try I mean let’s see what happens,” Pluemer said.