Latino Owners
Pexels

Hispanic-owned small businesses in the United States are growing fast. Now, more opportunities await them such as available loans and grants to support their journey into entrepreneurship amid the global pandemic.

Hispanic-Owned Small Businesses are Growing Fast in the U.S.

The growing population of Latinos and Hispanics in the United States is vital to both the local and national economy. They serve as one of the major forces in the country's economy through their growing industries.

Before the country was hit by the global pandemic, the U.S. Census Bureau announced last March that Hispanic-owned small businesses are growing faster compared to other minority groups. This was also confirmed by the U.S. Hispanic Chamber of Commerce in which they said that Latino-owned businesses have grown to 31.6 percent since 2012.

In a published article by Latin Post, Latino-owned businesses have helped contribut an astounding amount of $2.3 trillion in the country's national economy and employed more than three million across the country.

However, despite the success of many Latinos and Hispanics in the country, they now faced different challenges due to the global pandemic. Here are some loans and grants that Latino and Hispanic owners can apply to support their small businesses:

Best Loan Options for Hispanic-Owned Businesses

  • SBA Microloans- The U.S. Small Business Administration offers up to $50,000 loan to business owners. These are government-backed loans that offer low-interest rates and are payable in six years.
  • SBA Community Advantage Business Loan- This is another program from SBA that offers Hispanic business owners a loan of up to $250,000. Hispanic owning small businesses can qualify in this loan by showing their good credit and a feasible strong business plan.
  • Kiva- They are offering a loan up to $10,000 with zero interest. This is a program that is offered by Kiva around the world. Interested applicants must make sure to market their business to the community of 1.6 million lenders.

Grants for Hispanic-Owned Businesses

  • Grants.gov- This is the biggest repository of the federal government. Applicants can find here federal agencies that offer grants. Most of the time, businesses that are inclined to technology and science have bigger opportunities in these grants.
  • Small Business Innovation Research and Technology Transfer- These grants are offered by five federal agencies. These grants focus more on businesses and technology but if your business does not qualify for it, you could still receive an amount of $1.15 million capital.
  • National Association of the Self-Employed- This grant will allow small business owners to receive $4,000. To qualify for this, you need to be a member of the group. If you succeed, the group will guide you to achieve the goals in your business.

These are just few of the loans and grants that Latino and Hispanic small business owners can apply and receive amid the global pandemic. The growing industry of Hispanics and Latinos in the country will help a lot in the local and national economy.

Check this out!