Are There Small Business Loans for Hispanics?
The U.S. Census Bureau has announced that Hispanics, once considered a minority group, now represent the most rapidly growing segment of the country’s economy. Small business loans for Hispanics, as well as other economic opportunities, have armed these business owners with the tools they need to run their businesses. Governmental and other resources that specifically support Hispanics and offer small business loans for Hispanics have contributed to the growth of businesses launched by Hispanic entrepreneurs. These entrepreneurs and business owners often have trouble acquiring loans because they have no experience applying for them. In addition, they often have to overcome language barriers in order to write a business plan, a key requirement banks mandate as a part of one’s loan application.
However, there are tools to educate Hispanic business owners on their financing options. The following government resources and non-profit programs offer resources, including small business loans for Hispanics:
- Minority Business Development Agency: If you wish to be connected with loan programs or other resources that help you penetrate new markets, you can contact local MBDA centers. Business specialists are available to assist Hispanic business owners compete for a contract, secure loans, identify a strategic partner, etc.
- U.S. Hispanic Chamber of Commerce: Contacting your local U.S. Hispanic Chamber of Commerce can be helpful in your efforts to take out a business loan. Many of the chapters work with lenders and banks to administer loan programs for Hispanic business owners.
- SCORE: SCORE is a resource sponsored by the government and partly funded by the SBA. The site is available in Spanish and is designed to help Hispanic business owners grow their operations and navigate regulations that every business owner must understand. Hispanic entrepreneurs can take advantage of online small business workshops in Spanish.
- ACCION: ACCION is a microfinance organization that supports Hispanic businesses, among other minority-owned businesses. Providing loans of up to $50,000, its fully automated platform has made it very easy for Hispanics to apply for loans. ACCION provides low-income business owners access to financial education and capital. It offers women and Hispanic entrepreneurs the resources they need to succeed.
Those who believe that they can obtain small business loans for Hispanics through the Small Business Administration should be aware that SBA does not treat the application of Hispanic entrepreneurs more favorably during the approval process. The SBA does not discriminate against any demographic segment, and thus any individual meeting the pre-defined criteria may apply . The only special treatment the Spanish-speaking community gets is that they can view the SBA’s website in their native language by clicking the “translate” button at the top of the page.
One of the most challenging aspects of starting any business is securing financing. Hispanics who have researched the aforementioned minority-specific loan options put themselves in a better position to secure financing for their startups – so read up to learn more about your options to help your business succeed.
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