According to research led by the Stanford Latino Entrepreneurship Initiative Latinos are starting businesses at a faster rate than the national average across several industries, growing 34 percent over the last 10 years compared to just 1 percent for all other small businesses. However, many Hispanic owned small businesses are not seeing the financial support in terms of loans that they may need.
Supporting Latinx owned small businesses encourages the spirit of entrepreneurship in our communities. The Stanford research shows “Latino entrepreneurs more often rely on personal or business lines of credit, personal/family savings, or business credit cards”. In order for our community to thrive we need to have access to the same resources as other small businesses in the country.
Below are outlined resources to assist small businesses across the country; especially Latinx owned small businesses.