How Latinos Can Overcome Small Business Financing Hurdles
Latinos are the fastest growing ethnic group in the U.S., and they are among the most entrepreneurial of all groups. There are more than 3 million Latino-owned companies, and the figure is predicted to double in five years. Overall, Latino companies are now generating an estimated $500 billion in annual sales. However, Latino entrepreneurs face steeper challenges than others in securing financing and are more likely to borrow money from high interest, non-bank lenders.
In conjunction with National Hispanic Month (September 15 - October 15, 2014), Biz2Credit assembled a panel on Tuesday, Sept. 30th at 3:00 p.m. (EDT) that brought together some of the nation's top experts in Latino business growth, entrepreneurship, and small business financing. The panel included:
The webinar featured a downloadable presentation on the results of a new survey conducted by Biz2Credit about the current state of lending for Latino-owned businesses. Biz2Credit analyzed the financial performance of more than 1,000 Latino-owned businesses with less than 250 employees and less than $10 million in annual revenues from across the country that have been in operation for more than 1 year, as well as startups. There was also a Q&A session at the end of the webinar.
"Latinos are very entrepreneurial and account for a growing percentage of business startups in the United States, yet they continue to face obstacles in securing capital," said Rohit Arora, CEO of Biz2Credit. "To help, we organized a webinar - How Latinos Can Overcome Small Business Financing Hurdles and assembled a panel that included two of the most respected names in the Latino business community: Hector Barreto and Paul Quintero. Moderated by Anita Campbell, it was a lively discussion."
"Latino-owned companies are booming," said Hector Barreto, Chairman of The Latino Coalition, former SBA Administrator, and a successful businessman in his own right. "Yet, Latinos continue to encounter difficulty in securing capital to grow their businesses. Our goal is to provide information and guidance to help Latino entrepreneurs get the funding they need."
Discussion topics included:
- The growing economic importance of Latinos as an ethnic group.
- Different types of funding options available to Latino entrepreneurs.
- Recurring challenges facing entrepreneurs searching for startup capital and other funding.
- How to increase business credit scores and ways to overcome a poor credit history.
- The important role of microlenders in small business finance.
- SBA programs available to minorities and women entrepreneurs.