Four Resources for Securing Small Business Loans
Where there is a rapidly growing segment of the country’s economy, there will soon be resources that offer small business loans. If that rapidly growing segment happens to be a minority, there will be resources specifically designed to offer small business loans to that group. For example, Hispanics have already been identified by the U.S. Census Bureau as the most rapidly growing segment of our economy.
Previously, it has been typically assumed that Latino entrepreneurs and business owners have little to no experience applying for small business loans. When it comes time to write the business plan required as part of the loan application, it has also been assumed that a language barrier would be an obstacle. These assumptions are quickly becoming a thing of the past, as government resources and non-profit programs are being created to offer assistance, such as small business loans for Hispanics.
The following are four resources that educate Hispanic business owners on their financing options:
- Minority Business Development Agencies: These are local centers that will connect you with loan programs. Business specialists can help Hispanic business owners penetrate new markets, compete for a contract, secure loans, identify a strategic partner and more.
- U.S. Hispanic Chamber of Commerce: Many chapters of the U.S. Hispanic Chamber of Commerce work with lenders and banks to administer loan programs to Hispanic business owners. If you are having difficulty taking out a business loan, contact your local chapter.
- SCORE: Partly funded by the Small Business Association, this resource is sponsored by the federal government. Available in Spanish, the site helps Hispanic business owners expand their operations and navigate important regulations. There are even online small business workshops, also available in Spanish.
- ACCION: This microfinance organization supports minority organizations, including Hispanic businesses. A fully automated platform makes it easy to apply for loans of up to $50,000. Low-income business owners can gain access to financial education and capital. There is even a page devoted specifically to small business loans for women.
These resources provide a leg up for the burgeoning population of Hispanic business owners. This is key because the Small Business Administration is strictly non-discriminatory, no matter what demographic an applicant may belong to. Applications from Hispanic entrepreneurs are treated the same as any other during the approval process. The only concession offered is a “translate” button that will translate the Small Business Administration’s website into Spanish.
The name of the game is securing financing. In business, you need to be aware of anything that works in your favor. Minority-specific loans are a major advantage. Do your research and discover more of these resources.
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