Hispanic and Latino Americans have contributed greatly to countless aspects of our nation’s culture, including business. The historic numbers tell the story: According to the Joint Economic Committee Hispanic Entrepreneurship and Business Brief, the nearly 5 million Hispanic-owned businesses across the U.S. generate more than $800 billion for the American economy annually. Nearly one in four new businesses is Hispanic-owned, and those businesses are making huge impacts in their communities and beyond. Just look at U.S. Navy veteran and former California Small Business Person of the Year, Hernán Luis y Prado. Thanks to SBA loans and federal contracting opportunities, Hernán has been able to start and grow VetPowered, LLC, an advanced manufacturing company that helps veterans and service members transition to the workforce after their military careers.
During National Hispanic Heritage Month, September 15 - October 15 support the small businesses in your local area while taking advantage of SBA’s resources to help turn your ideas into big-time success stories.
- Local Assistance: The SBA teams up with organizations around the country to provide free and low-cost services. Resource partners such as Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers, and Community Navigators help entrepreneurs, including those in underrepresented and underserved communities, access training, counseling, funding, and more. There is also the Hispanic Business Owners Hub of SCORE business mentors.
- Funding: A variety of financial resources are available for Hispanic and Latino entrepreneurs looking to acquire the capital they need to start, grow, and expand their businesses. In fact, fiscal year 2022 was a historic year for lending in traditionally underserved communities. More than $72 million in lending was provided to minority-owned businesses across the SBA’s 7(a), 504, and microloan programs. Use our Lender Match tool to get matched with an SBA-approved lender today.
- Contracting Opportunities: Did you know that an all-time high of federal contract dollars was awarded to small businesses in the last fiscal year? The federal government exceeded its goal by 3.5%, marking a historic expansion of access to contracting. Learn more about SBA’s resources and programs to help you contract with the federal government.
- Learning Platform: Owning a business is a learning process, even for seasoned entrepreneurs. That is why the SBA offers free online courses through its Learning Center. Topics includes how to write a business plan, social media marketing and more. Visit sba.gov/learning to see if there’s a topic that supports your small business needs.