The West Des Moines Chamber of Commerce’s Latino Trade Network will host Hispanic Chambers Unidos on April 28, 2026, bringing together Hispanic chamber leaders from across the Midwest to strengthen cross-border business ties, expand market access for Latino-owned enterprises, and address systemic barriers to capital and contracting in key sectors like manufacturing, logistics, and professional services.
The Bottom Line
- Latino-owned businesses contribute over $800 billion annually to U.S. GDP, with Midwest firms representing 12% of that total and growing at 6.3% YoY.
- Access to procurement networks remains the top barrier, with only 18% of Latino-owned firms securing contracts over $250K versus 41% of non-minority peers.
- Policy momentum is building: Illinois and Minnesota recently passed legislation increasing state contract set-asides for minority businesses to 25% by 2028.
When markets open on Monday, the West Des Moines Chamber’s Latino Trade Network will convene Hispanic Chambers Unidos—a gathering of over 75 Latino chamber presidents and economic development officers from Illinois, Iowa, Minnesota, Missouri, and Wisconsin. The event, held at the FFA Enrichment Center in Ankeny, is designed not as a cultural showcase but as a hard-nosed business forum focused on unlocking procurement opportunities, accessing growth capital, and navigating regulatory complexity in industries where Latino entrepreneurs are underrepresented despite rapid growth. According to the U.S. Hispanic Chamber of Commerce, Latino-owned businesses now number over 5 million nationwide, employing 3 million workers and generating $800 billion in annual revenue—yet they receive less than 5% of federal contracting dollars and under 7% of venture capital funding. In the Midwest, where manufacturing and logistics dominate regional economies, the disparity is stark: while Latino-owned firms account for 14% of all businesses in Iowa and 11% in Wisconsin, they capture less than 8% of state and local procurement contracts above $100K. This event seeks to close that gap through direct matchmaking with corporate buyers and public agencies.
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“The Latino business community isn’t asking for charity—it’s asking for a level playing field,” said Marie T. Flores, President of the Illinois Hispanic Chamber of Commerce, in a recent interview with Reuters. “When we look at the data, it’s clear: firms with access to mentorship, capital, and procurement networks grow 2.3x faster than those without. Events like Hispanic Chambers Unidos aren’t nice-to-have—they’re economic necessities.”
Market-bridging implications are significant. As the Federal Reserve holds interest rates steady at 4.25–4.50% amid persistent services inflation, businesses are reevaluating supply chain resilience and vendor diversification. Latino-owned firms are disproportionately represented in last-mile logistics, food processing, and facility maintenance—sectors critical to inflation-sensitive consumer goods. A 2025 study by the Brookings Institution found that increasing minority business participation in supply chains by just 10% could reduce input costs by 0.8% annually through enhanced competition and localized sourcing. “Diversifying supplier bases isn’t just about equity—it’s a hedge against disruption,” noted Dr. Alicia M. Rivera, Senior Economist at the Federal Reserve Bank of Chicago, during a March 2026 webinar hosted by the Chicago Fed. “When firms tap into underutilized entrepreneurial networks, they gain agility, cultural fluency in emerging markets, and often lower overhead—especially in labor-intensive services.”
Corporate movers are taking note. In Q1 2026, Target Corporation (NYSE: TGT) reported a 19% increase in spend with minority-owned suppliers, driven in part by its Midwest supplier development program launched in partnership with the Minnesota Latino Economic Development Center. Similarly, Principal Financial Group (NASDAQ: PFG), headquartered in Des Moines, expanded its supplier diversity initiative in February, committing $50 million annually to contracts with Latino- and Black-owned firms by 2027. These moves reflect a broader trend: S&P 500 companies increased minority supplier spend by 11.4% YoY in 2025, according to Hackett Group data, as ESG pressures and operational resilience converge.
| Metric | Latino-Owned Firms (Midwest) | Non-Minority Peers (Midwest) | National Latino-Owned Avg. |
|---|---|---|---|
| Avg. Annual Revenue | $1.2M | $2.8M | $1.5M |
| % with Access to Bank Credit | 41% | 68% | 47% |
| % Securing Contracts >$250K | 18% | 41% | 22% |
| YoY Revenue Growth (2024–2025) | 6.3% | 3.1% | 5.8% |
Despite these gains, structural challenges persist. Access to growth capital remains the most cited barrier, with 63% of Latino entrepreneurs in the Midwest reporting difficulty securing loans over $250K—compared to 34% of non-minority owners, per the Federal Reserve’s 2025 Small Business Credit Survey. Even among firms with revenues above $1M, only 29% have lines of credit exceeding $500K, limiting their ability to scale for large contracts. The Latino Trade Network aims to mitigate this by connecting attendees with CDFIs, minority venture funds, and corporate financing arms—including Wells Fargo &. Co. (NYSE: WFC), which pledged $1 billion in lending to minority-owned businesses by 2025 and exceeded that target by 14% in Q4 2025.
Looking ahead, the event’s outcomes could influence regional policy. Both Iowa and Wisconsin are considering legislation modeled after Illinois’ 2024 Equity in Contracting Act, which increased state contract set-asides for minority businesses from 16% to 25% over five years. Early projections from the Wisconsin Legislative Fiscal Bureau estimate that a similar measure could redirect $120 million annually in state spending toward Latino- and Black-owned firms by FY2029—funds that would flow directly into construction, transportation, and IT services sectors where Latino entrepreneurs are increasingly competitive.
For business leaders watching the Midwest’s economic evolution, the message is clear: the Latino trade network isn’t a niche constituency—it’s a leading indicator of where inclusive growth is already happening. When procurement departments diversify, when lenders expand credit boxes, and when chambers of commerce shift from celebration to contract facilitation, the entire economy gains efficiency, resilience, and innovation. Hispanic Chambers Unidos isn’t just an event—it’s a market signal.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
