"Latino entrepreneurs are starting businesses in record numbers and instilling vibrancy into local economies, yet they face many challenges in securing capital," said Rohit Arora, CEO of Biz2Credit. "To help, we have organized Small Business Funding Options for Latinos, featuring Hector Barreto and Paul Quintero, two of the most respected names in the Latino business community."
"During the past decade, Latino-owned companies have increased substantially and have become one of the fastest growing sectors of the U.S. economy," said Hector Barreto, Chairman of The Latino Coalition, former SBA Administrator, and a successful businessman in the private sector. "Meanwhile, in the past few years, it has been particularly difficult for minority-owned companies to secure capital to expand their businesses. The goal of this webinar is to provide information and guidance to help Latino entrepreneurs get the funding they need to grow."
"Nonprofit microlenders such as Accion, help members of the Latino community fulfill their entrepreneurial dreams through small loans ranging from $700 to $50,000," said Paul Quintero, Executive Director of Accion East. "Microlending organizations provide funding for thousands of aspiring minority and women business owners, who often can't access capital from traditional sources. Microlenders are an important funding source that Latinos might not have even know existed. This webinar is designed to inform them about microlenders and other small business financing options."
Paul joined Accion East as CFO in early 2007 and served as Interim CEO during his first year, bringing 15 years of experience in investment banking, public accounting and community development investment experience.
Paul joined Accion to champion the development and growth of small mom and pop businesses that comprise the majority of businesses throughout the U.S. In his first year, he helped raised an all-time high of $2.6 million grant dollars. In 2008, Paul was promoted to CFO and COO and was instrumental in the historic cross-state combination that tripled the number of office centers across the east coast and expanded Accion East's service footprint to include over 30 states.
In 2009, Paul implemented a new risk scoring system that quadrupled portfolio quality by reducing delinquency from 16.3% in January 2009 to 3.8% by yearend 2012. In 2011, he assumed the role of CEO, hand-picked a new leadership team from within the organization and led a strategic planning effort that created a 71% and 98% cumulative growth in number of loans and dollars disbursed, respectively, from first quarter 2011 through first quarter 2013. In 2012, cumulative effect of these successes created a $1.5 million turnaround in the balance of Accion East's unrestricted net assets, moving the organization from a $1.4 million deficit position to a $100 thousand surplus for the first time since the Recession and positioning Accion East for future mission growth.
Paul obtained a BA in business administration and accounting from the University of Washington and was a CPA with Deloitte & Touche. Paul was selected in a national competition for a full-tuition fellowship award by the Robert F. Toigo Foundation to complete his MBA in finance from Columbia Business School. Paul is married with three children. He dreams of creating a world of financial inclusion for all by making access and delivery of U.S. microloans as common place as credit cards today.
Rohit Arora, CEO and co-founder of Biz2Credit, is one of the country's leading experts in small business finance. Since its founding in 2007, Biz2Credit has arranged $1 billion in small business loans and has helped literally thousands of entrepreneurs. For his efforts to help others and his pioneering business model, Rohit Arora was named Crain's NY Business "Entrepreneur of the Year 2011."
Rohit is an often quoted expert on small business lending for major news media, including: New York Times, The Wall St. Journal, Bloomberg, Entrepreneur, American Banker, CNNMoney, MSNBC, Inc., and Washington Post. A frequently sought guest speaker; he was a panelist at the 2012 New York Times Small Business Summit, National Association of Federal Credit Unions (NAFCU)'s Small Business Lending Conference, the American Asian/Asian Research Institute's panel on small business growth and the Harlem Business Alliance's 9th Annual Harlem Business Economic Summit.
Rohit oversees the Biz2Credit Small Business Lending Index, a widely reported monthly snapshot of small business loan approvals. Its findings are reviewed by Federal Reserve and SBA officials, as well as the President's Council of Economic Advisors. He has written columns on SMB finance for FOX Small Business Center, SmallBizTrends, Franchise Handbook, NewJerseyNewsroom, New York Enterprise Report, and others.
About Accion East
Accion East is a nonprofit microlender that provides lending and financial education to entrepreneurs nationwide. By sparking ideas and empowering self-starters, Accion helps local businesses and communities grow by driving job creation and retention with each microloan. Since opening its doors in 1991, Accion has provided more than $132 million in capital to entrepreneurs, creating and saving over 73,500 jobs within local communities.
Founded in 2007, Biz2Credit Business Loans is a leading credit marketplace connecting small- and medium-sized businesses with lenders, service providers, and complementary business tools. The company matches borrowers to financial institutions based on each business's unique profile -- completed in less than four minutes -- in a safe, efficient, price-transparent environment. Biz2Credit's network consists of 1.6 million users, 1,200+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Having arranged more than $1 billion in funding throughout the U.S., Biz2Credit is widely recognized as the #1 online credit resource for small business loans, lines of credit, working capital and other funding options.