Hispanics represent the fastest growing sector in the United States. Approximately 2.3 million small businesses, for a total of 27.1 million in the country are Hispanic and the level with which they have opened more than double the national average, according to census data. But while the number of Hispanic-owned businesses is booming, many entrepreneurs looking to expand their businesses have difficulty acquiring loans.
What is the problem?
Increasingly, large banks require more than two years of financial information before granting loans. This requirement is often difficult to meet for Mexicans, Puerto Ricans, Dominicans, Cubans and other newcomers to this country Latinos. It can be intimidating for Latinos who do not speak English approach banks with funding applications due to: Language barriers, difficulty in drafting business plans in English (often as a second language), and / or lack of experience to borrow.
Fortunately there is a lot of help with that feature Hispanic entrepreneurs. The Small Business Association (SBA, for short) provides links to a number of valuable resources on its website, including
BusinessUSA: This is an online platform where small businesses and businesses of any size who want to begin or increase exports can access information about available programs without having to waste time navigating the federal bureaucracy. This organization connects Hispanics with loan programs, training courses, personal assistance and other services that help small business owners succeed.
Business Development Centers (Small Business Development Centers, SBDC): These centers provide small businesses with advice, training and the opportunity to create a network of contacts in local communities throughout the United States.
Hispanic Chamber of Commerce of the United States: the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of Hispanic-owned businesses in the United States. Also works as coordinator for more than 200 local Hispanic chambers in the United States and Puerto Rico. These branches are intended to provide support for the ambitious Hispanic small business owners.
8 (a) Program Business Development [8 (a) Business Development Program]: Named for Section 8 (a) of the Act Small Business, this program was created to help small and disadvantaged businesses to compete in the market. It also helps companies to access markets federal and private procurement. It is an important initiative for small businesses seeking help to develop their businesses.
In addition, the SBA offers a version of its site in Spanish.
There are many lenders who are willing to provide financing to small Hispanic businesses, especially ACCION USA. As a leader in microfinance, ACCION is a nonprofit organization that provides loans up to $ 50,000 and business training to microentrepreneurs without access to traditional banking credit organization. If you are a store owner or work from home, Action will help you boost your business.
It is essential that Hispanic small business owners have all the resources to achieve éxtio. The rise of small businesses is the best route for members of any ethnic group to increase their employability. While there are programs that provide financing to small business owners entrepreneurs continue to thrive.