According to the most recent U.S. Census Bureau data, Hispanics are
opening businesses at a rate three times faster than the national
average. And, what was once regarded as a minority group now represents
the fastest-growing segment of the nation’s economy.
This is a fact that is not lost on the government.
Speaking to Hispanic News, Ying Lowrey, senior
economist at the Small Business Administration’s advocacy office, has
this to say: “…the contribution of minorities to the economy is
The corollary of this is that more and more government resources
dedicated to helping Hispanic entrepreneurs start-up, operate and grow,
are becoming more widely available both in local communities and on the
Internet – if you know where to find them.
Here’s a breakdown of some of the best government and non-profit
resources and programs, which specifically support Hispanic business
Get Local, Expert Start-Up Advice en Espanol
If you are thinking of starting a business or are already engaged in
the early stages of business ownership, get valuable in-person advice as
well as networking opportunities from numerous local organizations who
specialize in promoting the growth of Hispanic businesses through
training, advice, and loan assistance, and more.
Here are a few to consider:
- Minority Business Development
Centers (MBDC) – Funded by the U.S. Department of
Commerce’s Minority Business Development Agency (MBDA), these
centers help entrepreneurs and business owners in local communities
throughout the country start, grow and manage their businesses. Your local MBDC can connect you with loan programs,
training courses, one-on-one assistance, and other services that
help minority business owners succeed.Read more about what the MBDA has
to offer: “The Minority Business Development
Agency: Essential Tools & Resources for Minority Entrepreneurs“.
- Small Business Development Centers
(Centros de Desarrollo Empresarial) –
SBDCs provide small business advice, training and networking
opportunities in local communities across the country. Learn more about SBDC en Espa?ol or find an SBDC near you.
- United States Hispanic Chamber of Commerce – This national body can connect you with over 200 local chapters;
find a local Hispanic Chamber of Commerce
(enter your state in the drop down menu on the right).
Funding for Hispanic-Owned Businesses
Getting financing can be the most challenging part of starting a
business – the easiest route may be to consider a loan from a bank that
is guaranteed by the Small Business Administration (SBA). Although, be
aware that the SBA doesn’t give any special consideration to Hispanic
entrepreneurs in its programs or during the approval process.
To help you understand more and find the right loan for your
business, the SBA offers a version of its Web site in Spanish where you
can get facts and information about these loans as well as other
An alternative to the SBA-guaranteed loan option is to talk to your
local U.S. Hispanic Chamber of Commerce,
many of these chapters work with banks and lenders to administer loan
programs for Hispanics.
Online Government Resources for Hispanic Empresarios