The US SBA and U.S. Hispanic Chamber of Commerce have come forward to make loans available to Hispanic small businesses so that they can start and grow in business. For this purpose, the two national agencies joined hands to help Hispanic entrepreneurs.
To support businesses, a pilot program is being created and the El Paso Hispanic Chamber of Commerce participated to make the program a success story. The pilot program is going to spur economic growth with small business formation and creation of new jobs. The other Hispanic Chambers that are going to participate in the pilot program are located in Austin, Nashville, and Philadelphia. Statewide programs for promotion of small businesses will also be held in California, Ohio, Florida, and Utah.
It is because of the pilot program that Hispanic-owned businesses can learn about SBA’s loan guarantee programs, counseling resources and educational programs. The SBA wants to do a better job of reaching out to the Hispanic community and the pilot program is an excellent means to achieve this goal. There will be financing presentation and training sessions during the program. Business owners shall be able to understand, access, and use tools made available by the SBA to help small business owners.
SBA guaranteed to Hispanic small business $25 million in loans during the fiscal year ending on Sept 30. The agency is known to have guaranteed total of $4.4 billion in loans to small businesses since the year 2009. This meant 12,000 loans to small business entrepreneurs and counseling for 532,000 small business owners.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org.