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Latinos in Business – Resources for Hispanic Empresarios

March 17, 2010

by CaronBeesley from the Business.gov community

According to the most recent U.S. Census Bureau data, Hispanics are opening businesses at a rate three times faster than the national average.  And, what was once regarded as a minority group now represents the fastest-growing segment of the nation’s economy.

This is a fact that is not lost on the government.

Speaking to Hispanic News*, Ying Lowrey, senior economist at the Small Business Administration’s advocacy office, has this to say: “…the contribution of minorities to the economy is tremendous”.

The corollary of this is that more and more government resources dedicated to helping Hispanic entrepreneurs start-up, operate and grow, are becoming more widely available both in local communities and on the Internet – if you know where to find them.

Here’s a breakdown of some of the best government and non-profit resources and programs, which specifically support Hispanic business growth.

Get Local, Expert Start-Up Advice en Español

If you are thinking of starting a business or are already engaged in the early stages of business ownership, get valuable in-person advice as well as networking opportunities from numerous local organizations who specialize in promoting the growth of Hispanic businesses through training, advice, and loan assistance, and more.

Here are a few to consider:

Funding for Hispanic-Owned Businesses

Getting financing can be the most challenging part of starting a business – the easiest route may be to consider a loan from a bank that is guaranteed by the Small Business Administration (SBA). Although, be aware that the SBA doesn’t give any special consideration to Hispanic entrepreneurs in its programs or during the approval process.

To help you understand more and find the right loan for your business, the SBA offers a version of its Web site in Spanish where you can get facts and information about these loans as well as other resources: http://www.sba.gov/espanol/

An alternative to the SBA-guaranteed loan option is to talk to your local U.S. Hispanic Chamber of Commerce*, many of these chapters work with banks and lenders to administer loan programs for Hispanics.

For additional guidance on small-business loans, visit Business.gov at http://business.gov/start/minority-owned/ or en Español: http://business.gov/espanol/

Online Government Resources for Hispanic Empresarios

From the IRS en Español (check out their resources and forms for businesses) to information from Business.gov (Recursos para Empresas en Español) there are many government resources now available in Spanish that help Hispanic-owned businesses grow their businesses while also helping them navigate the maze of regulations that accompanies business-ownership.

Another government-sponsored resource to check out is SCORE* (part-funded by the SBA). SCORE offers online small business workshops in Spanish, register for these here.

Hispanic Business Associations

In addition to government agencies, there are many trade associations and non-profits who are committed to helping Hispanics in business succeed. These include:

Additional Resources

*Note: Hyperlink directs reader to non-government Web site.

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