Businesses owned by Latino entrepreneurs constitute one of the fastest growing sectors of the United States economy. As Latino business owners make up at least 2.3 million of the 27 million businesses operating in the United States, it follows that there are various financing programs available in both the government and private sectors for Latino entrepreneurs looking to start new businesses.
The US government supports Latino startup entrepreneurs through various funding initiatives. It sponsors a number of lending programs that offer lower interest rates to assist Latino and other minority business owners in launching their own ventures. The federal government also offers counseling services to provide entrepreneurs with the advice and support they need to run successful businesses.
US Small Business Administration (SBA)
The SBA is a federal agency that assists small business owners in the United States in securing the business loans. The SBA itself is not a loan provider; rather, it guarantees loans on behalf of borrowers working within its network of preapproved lenders. The SBA is a great resource for small business owners, as it not only sponsors loans at low interest rates, but also helps entrepreneurs to secure long-term loans.
Equity financing is a form of business financing in which businesses offer investors a portion of the ownership of their company in exchange for capital. The most common forms of equity financing are practiced by angel investors and venture capital firms. Angel investors are generally individuals who choose to invest independently in companies, with investments ranging from $20,000 to $100,000. Venture capital firms also invest in businesses, but they often raise the money for their investment by working with various financial institutions, banks, investors, and other resources. Such venture firms are often willing to fund higher risk ventures in the hope of generating greater returns.
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