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The U.S. Census Bureau has announced that Hispanics now represent the most rapidly growing segment of the country’s economy. According to the U.S. Hispanic Chamber of Commerce, Latino-owned businesses have grown 31.6% since 2012, more than double the growth of all American businesses.
With small business loans for Hispanics, as well as other economic opportunities, these business owners are getting more tools they need to run their businesses. Governmental and other resources that specifically support Hispanics and offer small business loans and grants for Hispanics have contributed to the growth of businesses launched by Hispanic entrepreneurs. Despite that, there are still barriers to entry and success for Hispanic business owners.
In this article, we’ll cover some of the major business loans and grants for Hispanic-owned businesses. With these options, you should feel more supported along your journey to entrepreneurship.
Here are some of the best loan options for Hispanic-owned businesses:
See Your Business Loan Options
When you get a small business loan, you have to pay it back with interest. You don’t have to pay back a small business grant, but grants are also much more competitive than loans.
Here are some private and government grants for Hispanic small businesses:
In your search for capital, here are additional resources for Hispanic-owned small businesses:
One of the most challenging aspects of starting any business is securing financing. Fortunately, there are numerous options for Hispanic business owners who need capital to launch or expand their business. Typically, loans are easier to get when you’re first starting out. Grants can be highly competitive. But no matter what means you use, the result will be a healthier business. After obtaining sufficient financing, you’ll be in a better position to help your business succeed over the long term.