In the past decade, the number of Hispanic business owners in the US has grown by 34% and contributing to more than $700 billion to the US economy every year. Even with positive statistics, most Hispanic businesses face challenges as startups due to many reasons. Inc cites less financial access as the major problem for many Hispanic startups in the US.
There are several resources that cater to Hispanic citizens and their businesses to help them grow and expand. Here are some of the best resources, organizations, government agencies, and programs that cater to Hispanic business owners.
Latino Business Action Network (LBAN)
Based in San Jose, California, Latino Business Action Network partners with Stanford University to fund Hispanic entrepreneurial programs through research, education, and networking.
LBAN teaches entrepreneurs on wealth-related topics and mentorship. This nonprofit organization has supported over 600 graduates through the Stanford Latino Entrepreneurship Initiative Education Scaling Program that has even employed over 30,000 Hispanic people in their businesses.
United States Hispanic Chamber Of Commerce (USHCC)
The United States Hispanic Chamber of Commerce promotes the economic development of over 4.37 million Hispanic Owned businesses that actively contribute over $700 billion to the US economy each year.
The USHCC offers grant programs, training, and networking with over 260 corporate partners in the Hispanic Business Enterprises. Its convention is the largest venue for Hispanic businesses in America to network.
Mi Dinero, Mi Futuro (My Money, My Future)
This is an online resource for Hispanic people to gain financial knowledge and build their wealth. It provides free budgeting tools and financial advice. If you are just a starter and worried about taking your first leap of faith, this is the best place to begin.
Immigrant Business and Immigrant Learning Center (ILC)
These are two different organizations for immigrants, helping in different aspects.
Immigrant Business share successful and inspiring stories and other news about immigration. They also offer tips on selling and winning government contracts from successful immigrant entrepreneurs.
Immigrant Learning Center offers English classes, research, and informs the immigrants about the economic and social contributions of immigrants.
Minority Business Development Agency
The Minority Business Development Agency is a branch of the US Department of Commerce. It has been supporting minority-owned businesses in America since 1969.
It helps minority business owners with financial assistance and contracts to support their businesses.
Small Business Administration
Run by famous Latina business executive Maria Contreas-Sweet, the Small Business Administration provides very useful resources for small Hispanic business owners since the 1950s. SBA has an online learning center that offers more than 50 courses, with additional resources on how to start and manage a business.
Fundera provides the connection for small business owners with resources on loans and financial assistance. If you want to maximize your financial knowledge, Fundera has a blog “Fundera Ledger” to help you in your quest.
With all these and more useful resources for your Hispanic Business in the US, you can easily make your first step in the entrepreneurial world with enough financial assistance and knowledge that you need.