While Hispanic and Latino entrepreneurs constitute the most rapidly expanding demographic in the business sector, they encounter difficulties in obtaining financial resources. The following list identifies 10 agencies and organizations that can provide assistance.
Over the past decade, the number of Hispanic-owned businesses in the United States has increased by 34%, contributing over $500 million to the economy. Notably, from 2019 to 2020, Hispanic-owned enterprises experienced an 8.2% growth, reflecting the evolving diversity of business ownership alongside the changing demographics in the United States.
While minorities own around 20% of businesses in the country, Hispanic-owned businesses are at the forefront of this entrepreneurial surge. Despite their rapid growth, these businesses still face challenges in accessing adequate funding.
To address the funding gap, numerous organizations and government agencies have been established to assist Hispanic and minority business owners by providing loans, grants, and various financing options. The following is a list of 10 entities that offer support in this regard.
The economic influence of Hispanic- and Latino-owned businesses in the United States has been substantial. In the year 2020 alone, these businesses generated revenue exceeding $472 billion and provided employment for nearly 3 million individuals. The contributions of Hispanic and Latino entrepreneurs are crucial for fostering innovation and propelling economic expansion across various sectors. Consequently, numerous initiatives and organizations have emerged to support and sustain this growth.
Ranging from impactful associations to government-supported programs, here are nine initiatives designed to aid Hispanic business owners in initiating their ventures or seeking assistance.
The Association of Latino Professionals for America (ALPFA):
is a non-profit entity committed to generating opportunities for individuals of Latinx heritage. Specifically geared towards Latinx-owned enterprises, ALPFA functions as a beneficial network, providing support through avenues such as collegiate scholarships, educational initiatives, professional networking, and additional resources. Through its various programs and gatherings, ALPFA cultivates a supportive community dedicated to facilitating the development and prosperity of Latinx entrepreneurs, thereby playing a role in advancing diverse and vibrant businesses in the United States.
Latinas Think Big unites Latin American women who share an enthusiasm for significant ideas and endeavors. Recognized as the largest network for Latina professionals, entrepreneurs, and students, it provides both in-person gatherings and an online community comprising over 20,000 members. Membership offers advantages such as educational opportunities and career guidance. Within this community, members not only applaud each other’s accomplishments but also offer support throughout their individual growth journeys and milestones. The network presents ample chances for local and national networking, and previous national summits have taken place in cities like San Francisco, Cambridge, and New York City.
The Latino Business Action Network (LBAN) is dedicated to empowering Latinx entrepreneurs in the United States. In collaboration with Stanford University, LBAN seeks to nurture the development and prosperity of Latinx businesses through inventive initiatives. The Business Scaling Program by LBAN provides entrepreneurs with vital skills and knowledge necessary for the successful expansion of their business endeavors. Furthermore, LBAN’s partnership with the Small Business Navigator delivers essential resources and advice to emerging businesses, enabling them to navigate challenges and capitalize on opportunities in the current competitive business environment.
The League of United Latin American Citizens (LULAC) is dedicated to advancing civil rights, economic empowerment, and social justice for Latin American communities in the United States. In the realm of economics and business, LULAC provides diverse programs aimed at assisting and elevating Latinx-owned businesses. The Latinos Living Healthy initiative within LULAC addresses health disparities and contributes to building a healthier workforce, which is essential for sustainable business growth. Furthermore, the Empower Hispanic America with Technology initiative imparts crucial tech skills to aspiring professionals, enhancing their capabilities in the digital landscape. Overall, LULAC’s steadfast commitment to empowering Latinx entrepreneurs underscores its significant role in propelling economic progress and community well-being.