Las Vegas native Ivette Barajas started her career in banking, which she said ultimately laid a strong foundation for her to eventually become an entrepreneur.

Barajas recalled a time during that career when she went to a junior high school to teach financial literacy but was unable to garner the same amount of respect or attention from students—predominantly minorities—as her male, white counterpart.

When she asked the students why that was, one of them admitted he assumed her colleague was her boss.

“I think that kind of broke my heart a little bit, because I thought, this is kind of sad for me to see,” said Barajas, who is Latina. “They don’t know—maybe they don’t see a lot of people like them in these roles, in these positions. That (representation), to me, is extremely important.”

Barajas would go on to co-found MIKBAR Construction, a general contractor. Being a woman in construction can be tough, she said, but it’s also extremely rewarding to challenge expectations and prove that anyone can do a job with the right tools, and ultimately pave the way for other women.

“Often I was the only woman in the room, and definitely the only Latina in the room,” Barajas said of her financial career. “But one thing that I’ve learned is … your skills are transferable. And no matter what you do, whether it’s problem solving, communication or project management, these abilities can adapt to any industry. And so leveraging those skills to really showcase your capabilities and develop your career is extremely important.”

According to a recently released and first-of-its-kind Latina GDP Report by Bank of America, Latina GDP in the U.S. grew at nearly three times the rate of non-Hispanic GDP between 2010 and 2021, from $661 billion to $1.3 trillion.

The economic contribution of Latinas in that same period grew over 50%, per the report. Ultimately, Latina GDP in 2021 was greater than the entire economy of Florida.

“I think this is a big awakening to see that the significant impact that the Latina population has is growing in numbers,” said Wendy Franco, senior vice president and business banking market executive at Bank of America. “And it’s very, very powerful … I think it’s significant enough to raise some eyebrows, and for people to really start listening around the impact that this community has.”

Franco, who manages business banking for Bank of America in Nevada, said Latina-owned businesses are growing at a quicker rate in the Silver State than in others.

Peter Guzman, president of the Las Vegas Latin Chamber of Commerce, said three out of every five new businesses that have opened in Las Vegas over the past three to five years have been Hispanic-owned.

“There’s a built-in sense of entrepreneurship in Hispanic households,” Guzman said. “These folks come from chaotic countries, and they make it to America, where we have these things set up in place to help entrepreneurs, and they thrive in it.”

The number of Hispanic females with a bachelor’s degree also grew more than 100% between 2010 and 2021, according to the Bank of America report, a statistic which Guzman said would only position Latinas for even greater success in the future.

“The big story is they’re here contributing,” he said. “They’re here making this country even greater. And they’re successful, and the country is going to be successful because of it—not in spite of it.”

It’s important that people understand the tremendous impact of this community on the economy, Franco said, so they can provide it with the necessary tools to continue growing. Women entrepreneurs need to have trustworthy relationships with people that are going to accelerate their growth, she added.

If that impact is going to flourish and become multigenerational, it’s imperative that resources are available, Franco said.

“I feel like these numbers are going to continue to grow and significantly outpace where we are now in the future,” she said. “And when I think about the small-business sector specifically, I think there are opportunities for this community to have more access to capital and (expertise) that previously hasn’t been available for them.”

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