A Major accolade

Austin applauded as one of the best cities for Hispanic entrepreneurs

Austin applauded as one of the best cities for Hispanic entrepreneurs

Congress Avenue Bridge in Austin
Austin is one of the top cities in the U.S for fostering Hispanic businesses. Photo by David Hensley/Getty Images

Austin is one of the best cities in the U.S. for Hispanic entrepreneurs, according to a new ranking from personal finance website WalletHub. As a state, Texas shines on the report, taking eight spots among the top 20.

Among the 23 factors that WalletHub considered in creating its list were Hispanic entrepreneurship rate, Hispanic income growth, and share of Hispanic-owned businesses. The site then took data from, among other places, the U.S. Census Bureau, Council for Community and Economic Research, and the Bureau of Labor Statistics and applied the metrics. In all, 182 large U.S. cities were ranked.

In addition to Austin, which took the No. 20 spot, these Texas cities made the top 20:

  • Laredo (No. 1)
  • Corpus Christi (No. 4)
  • Amarillo (No. 7)
  • San Antonio (No. 8)
  • Grand Prairie (No. 13)
  • Irving (No. 17)
  • Fort Worth (No. 18)
  • El Paso (No. 19)

Seven Texas cities were outside the top 20:

  • Plano (No. 25)
  • Houston (No. 29)
  • Dallas (No. 31)
  • Brownsville (No. 37)
  • Arlington (No. 46)
  • Lubbock (No. 53)
  • Garland (No. 63)

Texas has long been a bastion of success for Hispanic entrepreneurs. According to a new report from the Latino Entrepreneurship Initiative, Texas is tied with Florida for the second highest number of Hispanic-owned businesses (15 percent) in the country. Only California has more (24 percent).

One of the things that’s helping Hispanic businesses thrive in Texas is access to money. The initiative’s report shows Texas is one of the country’s five most funding-friendly states for Hispanic entrepreneurs. The others are California, Florida, New York, and Nevada.