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October 06, 2025

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The NMSDC Weekly Pulse: Celebrating Hispanic Heritage Month with Rangam's Hetal Parikh

In this piece, Hetal Parikh, President and co-founder of Rangam, reminisces on how partnering with NMSDC has positively impacted her company’s growth, mission-driven innovation, and ability to create meaningful employment opportunities for underrepresented talent communities.

As we celebrate Hispanic Heritage Month, the NMSDC honors the resilience, innovation, and economic contributions of Hispanic-owned businesses across the nation. This month is not only a time of recognition but also a reminder that advancing minority business development strengthens the entire economy.

This article builds on our recent reflections:

• How Interest Rates Impact Minority Businesses — exploring the unique financial challenges MBEs face.
• We’re in This Together — underscoring that progress for one community is progress for all.

Together, these two data points—the strength of Hispanic MBEs within NMSDC’s own network and the scale of the Latino GDP nationally—create a compelling picture: Hispanic businesses are not just participants, but leaders in shaping the trajectory of the U.S. economy.

The Economic Power of Hispanic Businesses

According to the NMSDC’s 2023 Minority Businesses Economic Impact Report, Hispanic-owned businesses represent one of the strongest engines of growth within our network. Between 2022 and 2023, they experienced an extraordinary 50% increase in revenue, reaching over $114 billion. This impressive momentum elevated Hispanic-owned businesses to the number one position in annual revenue generation among all NMSDC-certified MBEs. Today, they account for 31% of all certified MBE revenues—evidence of both vitality and scale.

Complementing these gains, the 2025 U.S. Latino GDP Report highlights that Latino GDP reached $4 trillion in 2023. If measured independently, Latinos would comprise the world’s fifth-largest economy—larger than the United Kingdom and France, and comparable to India. Latino-owned businesses now grow at a 7.7% annual rate, significantly outpacing the broader U.S. economy. Latino consumer spending stood at $2.5 trillion in 2023, growing at twice the pace of non-Latino spending. As the report notes, if the national economy had matched the growth pace of Latinos, U.S. GDP would be $6.8 trillion larger today.

Together, these two data points—the strength of Hispanic MBEs within NMSDC’s own network and the scale of the Latino GDP nationally—create a compelling picture: Hispanic businesses are not just participants, but leaders in shaping the trajectory of the U.S. economy.

Stories of Resilience

Hispanic-owned businesses in the NMSDC network are not just surviving—they are thriving. Their stories capture determination, innovation, and transformative impact.

These examples highlight how Hispanic-owned businesses are not only adapting to today’s challenges but also leading the way in innovation and economic growth.

A Family Legacy in Construction:

CMMCM LLC (DBA Muller Construction), led by Cesar Malaga in Las Vegas, has carried a multigenerational tradition of perseverance. With NMSDC support, the firm expanded beyond traditional markets to secure contracts in both public and private sectors, creating enduring stability for local workers and families.

“Our legacy is built on resilience. NMSDC has given us another primary tool in our belt, which falls under our priority category of revenue diversification. This is a critical winning strategy given the recent-year interest rate environment. We look forward to the NMSDC’s annual conference in Miami, as we are confident to advance big relationships for our specialty work in construction and our advance manufacturing endeavors with our NIOSH approved N95 respiratory product.”

– Cesar Malaga, CEO & Owner, CMMCM LLC (Muller Construction)

National Recognition of Hispanic Leadership in Entrepreneurship:

Ricky Regalado, CEO & Founder of Rozalado Services & Route and board member of the ISSA (Worldwide Cleaning Industry Association), was recently honored as the 2025 U.S. Hispanic Chamber of Commerce Small Businessperson of the Year.

“As a proud NMSDC-certified company in Illinois, we are energized to be recognized nationally, but it’s not about me, it’s for our teams, our brands, our companies, our families, and our entire cleaning industry that shows up every day with grit, pride, and the ultimate work ethic. We are looking forward to seeing our peer NMSDC certified MBEs in Miami, as we continue to represent the cleaning industry, an industry that keeps workplaces safe and open, powers local economies, creates opportunity, and proves that excellence is built one shift, one site, one relationship at a time.  Our business is big business, and our industry and firm are positioned favorably for any economic condition. We stand committed to keep building platforms, creating good jobs, and opening doors so more founders, especially in blue collar and service sectors. Together we win bigger and with more velocity.”

– Ricky Regalado, CEO & Founder, Rozalado Services & Route

Honor and Legacy:

Monica Maldonado, recently named an NMSDC Icon Honoree through our Georgia NMSDC Regional Council, continues to inspire with a record of economic contribution, service, and leadership.

“Being recognized as an Icon is not just a personal honor, but also a reinforcement of conviction and economic commitment of so millions of Hispanic businesses to leave a legacy of economic strength and cultural pride. At my firm, we turn cultural insight into measurable impact. Hispanic Heritage Month and the work of NMSDC remind us that supplier inclusion is not just a sound practice, it is wise business strategy.”

– Monica Maldonado, President/CEO,  IPCOMM Agency

Testimonials from the Community

• “As NMSDC’s Entrepreneur-in-Residence, and as a national Hispanic thought leader, I know that the stories of Hispanic entrepreneurship are not just stories of sheer grit (ganas in Spanish), they are stories of leadership, innovation, and shared economic prosperity and wealth building. Every contract won, every partnership forged, and every community impacted is a step toward a stronger American economy for all. This is consistent with core values of MBEs across the nation and our driving energy here at NMSDC.” – Mark L. Madrid, Entrepreneur-in-Residence, NMSDC
• “Our success is not just for us. Every contract we win opens doors for other minority suppliers we bring along with us.” – Latina Tech Entrepreneur

To keep this momentum going, NMSDC is considering a virtual or hybrid convening of Hispanic business leaders that would:

• Create cross-cultural dialogue with Asian, Black, Native, and women-owned businesses.
• Showcase actionable pathways for corporate members to expand supplier diversity. Such an event would amplify Hispanic voices and perspectives while reinforcing our belief that diversity is the cornerstone of economic resilience.

Conclusion 

This Hispanic Heritage Month, let us recommit to supporting the businesses that fuel our economy and embody the best of our entrepreneurial spirit. As both the Latino GDP report and NMSDC’s 2023 Economic Impact Report make clear, Hispanic entrepreneurs are a primary force behind American economic growth.

By linking our work on Federal Reserve Board monetary policy with new opportunities for collective action, we recognize that advancing Hispanic-owned businesses is inseparable from advancing all MBEs.

We’re in this together—and together, we will thrive. On that note, let’s strive to work together to navigate our new economy at the 2025 NMSDC Annual Conference and Exchange, November 2–5 in Miami, as we shape the future of minority business success together.

Register Today!