Facebook Twitter Instagram
    Greco AmericoGreco Americo
    Facebook Twitter Instagram
    SUBSCRIBE
    • Business and Entrepreneurship
    • Community News
    • Culture and Heritage
    • Diaspora Spotlight
    • History and Heritage
    Greco AmericoGreco Americo
    Business and Entrepreneurship

    Hispanic Small Businesses Are Starting at Record Rates, But Access to Financing Remains a Sizable Challenge

    EbrahimBy EbrahimDecember 16, 2023No Comments4 Mins Read

    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.

    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)

    Sources:
    https://www.gsb.stanford.edu/sites/default/files/publication/pdfs/report-2021-state-of-latino-entrepreneurship.pdf

    https://www.jec.senate.gov/public/index.cfm/democrats/2021/11/hispanic-entrepreneurs-and-businesses-are-helping-to-drive-the-economy-s-entrepreneurial-growth- and-job-creation

    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

    Ebrahim
    • Website

    Related Posts

    JA Greece Students Win De La Vega Global Entrepreneurship Prize 2024 – China Money Network

    April 17, 2024

    Best Business Instagram Accounts for Entrepreneurs

    April 16, 2024

    The Tory Burch Foundation and the U.S. Department of Commerce partner to provide resources for women entrepreneurs

    April 16, 2024

    Costa Rica is full of business opportunities for entrepreneurs

    April 15, 2024

    Huge drop in venture funding for Black-owned startups in US and Atlanta, report says

    April 15, 2024

    Celebrating Black Business | International Rescue Committee (IRC)

    April 12, 2024
    Add A Comment

    Leave A Reply Cancel Reply

    Categories
    • Business and Entrepreneurship (560)
    • Community News (695)
    • Culture and Heritage (614)
    • Diaspora Spotlight (427)
    • History and Heritage (536)
    • Uncategorized (29)
    News
    • Business and Entrepreneurship (560)
    • Community News (695)
    • Culture and Heritage (614)
    • Diaspora Spotlight (427)
    • History and Heritage (536)
    • Uncategorized (29)
    Facebook Twitter Instagram Pinterest
    © 2025 Designed by grecoamerico.com

    Type above and press Enter to search. Press Esc to cancel.