WASHINGTON, September 15, 2022 /PRNewswire/ — Over the past 10 years, Hispanic entrepreneurs continued to start small businesses at a 44% faster rate, compared to 4% of their non-Hispanic counterparts, according to a meta-analysis of SCOREU.S. Small Business Mentor and U.S. Small Business Administration Resource Partner.
Over the past 10 years, Hispanic entrepreneurs have continued to start small businesses at a 44% faster rate, compared to 4% of their non-Hispanic counterparts, according to a meta-analysis from SCORE, America’s Small Business Mentors and A resource. partner of the United States Small Business Administration.
There are nearly five million Hispanic businesses nationwide, and they contribute more than 800 billion dollars to the U.S. economy each year, according to SCORE analysis. Additionally, Hispanic small businesses employ approximately three million workers, more than 100 billion dollars in the annual payroll.
Despite the significant contributions of Hispanic small businesses to the U.S. economy and their rapid growth, this community of entrepreneurs faces unique challenges that they must overcome to thrive.
Hispanic Small Business Financing Issues
According to SCORE data, Hispanic entrepreneurs are struggling with the impacts of the pandemic, with 30% saying their business is weaker today than at the height of the pandemic.
Specifically, Hispanic small businesses face financing barriers. Although financing has provided a greater lifeline for Hispanic entrepreneurs during the pandemic, 39.3% say access to financing remains a challenge, compared to 18% of white small business owners. Additionally, 42.6% of Hispanic small businesses say cash flow is a problem, compared to just 32.1% of white entrepreneurs.
To fund their small business dreams, 31% of Hispanic entrepreneurs are more likely to dip into their own personal savings, compared to 24% of white small business owners.
Here’s What Hispanic Entrepreneurs Need
Nearly 65% of Hispanic businesses say they need access to capital, and nearly 40% say debt or loan forgiveness would help them succeed in the coming year.
In response, SCORE created SCORE for Hispanic Entrepreneursa centralized resource center that provides personalized support and resource advice.
“SCORE stands ready and continues to support Hispanic entrepreneurs at every stage of their business,” says Ricardo Casas, deputy district director of SCORE Southeast Florida. “We encourage Hispanic small business owners to take advantage of the free, expert mentoring offered in English and Spanish that can guide you to overcome any challenge and succeed.”
Hispanic Small Business Owners Benefit from SCORE
SCORE Southern Maryland customer Sandra Vasquez highlights the importance of its SCORE support system: “Latin American businesses are becoming a leading force behind the U.S. economy. However, it is difficult to navigate the administrative formalities. SCORE provided me with the information and training needed to get through the process and I opened my gym almost a year ago.
Doug Nunez And Rafael Brunoco-owners of The Torta Chaser at Las Vegas, Nevada.reflect on their experience with SCORE: “We can’t thank SCORE enough for everything they did to help us make our dream a reality. We learned so much from the resources and workshops offered, and especially from our incredible mentor, Lori Karbel. She has really helped us grow our business and ourselves as individuals. We now consider her part of the family! »
For more information on resources available to Hispanic entrepreneurs, visit SCORE.org.
About SCORE:
Since 1964, SCORE has helped 11 million entrepreneurs start or grow their businesses. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services to more than 1,500 communities across the country, creating 25,084 new businesses and 71,475 non-ownership jobs in 2021 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Twitter And LinkedIn.
Funded in part through a cooperative agreement with the U.S. Small Business Administration.
Contact:
Meghan Dooley
SCORE
202-968-6428
(email protected)
Main Street Megaphone: The Small Rural Business/Urban Divisione (NOTE: Analysis of responses from business owners who identified as Hispanic were compared to non-minority business owners for this meta-analysis)
SOURCE NOTE
