MINORITY BUSINESSES : Elan Ranks 3rd in List of Growing Latino Businesses
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As president of Elan International, a Newport Beach firm that develops businesses in Mexico, Lucia de Garcia has been chanting the free trade mantra for years.
Now it is beginning to pay off.
In the August issue of Hispanic Business, Elan was ranked No. 3 in a list of the 100 fastest-growing Latino firms in the United States.
De Garcia reported to the magazine that sales in 1993 hit $10 million--up from $200,000 in 1989. Her employee count totaled 125, up from just four people in 1989.
In an interview, the native of Colombia attributed the growth to the North American Free Trade Agreement.
The trade pact took effect in January, but last year, when NAFTA’s passage seemed assured, Elan finished two big development deals: to build 5,000 houses in Mexicali and a resort hotel and marina on the Sea of Cortez.
“NAFTA really opened the door,” said De Garcia, who started Elan in 1984 out of her Irvine home.
She is now organizing a conference on California-Mexico Business Development, to be held Sept. 20-23 at the Newport Beach Marriott.
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