Over the past decade, no entrepreneurial group has experienced as much growth as Hispanic- and Latino-owned businesses. According to the most recent research from the Stanford Latino Entrepreneurship Initiative (SLEI), the number of Latino-owned businesses has grown 44% in the last ten years alone. With this level of development, it is no wonder that Latino-owned companies generated $470 billion for the U.S. economy in 2020. That figure only stands to grow: The SLEI projects that there are now approximately 400,000 to 450,000 Latino-owned businesses in the U.S., compared to 350,000 in 2018.
Hispanic Heritage Month, which takes place from September 15 to October 15, 2022, is a time to applaud the humbling achievements and immense contributions that Hispanic and Latino American small business owners have made to our nation’s economy. Texas’s Tanya Manriquez Lujan is just one example of many. Tanya, who owns West Texas Speech — a private practice that specializes in language, orofacial, and articulation disorders — was recently approved for a $1.2 million SBA 504 loan on her way to becoming Small Business Person of the Year for the Odessa area. She plans to use the funding to begin construction on four new state-of-the-art clinics.
The SBA is committed to promoting and empowering the continued advancement of business owners like Tanya. Below are a few SBA tools and resources that Hispanic entrepreneurs can leverage to move their businesses forward — this Hispanic Heritage Month and beyond.
- Financing Programs: Did you know the SBA delivered more than $2.7 billion to Hispanic-owned small businesses through its core lending programs in fiscal year 2021? SBA offers an array of financial resources to help small businesses get the capital they need to start, grow, and expand. SBA-guaranteed loans come with competitive terms, lower down payments, and flexible overhead requirements. Get started by using our Lender Match tool, a free online referral system that can help you get matched to an SBA-approved lender.
- Resource Partners: SBA resource partners — including SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers, and Community Navigators — help new and established entrepreneurs alike navigate the ins and outs of business ownership through free and low-cost advice. Whether it is writing a business plan, applying for loans, or even buying an existing business, SBA resource partners can help. Plus, resource partners are available to meet remotely via phone, email, and video chat — so you can conveniently fit meetings into your schedule.
- Online Courses: The SBA Learning Center offers free online courses that cover a variety of topics for every stage of business ownership. If you’re new to entrepreneurship, courses like Financing Options for Small Businesses and How to Write A Business Plan will help you understand the basics of how to get your business off the ground. If you already have an established business, courses like Social Media Marketing and Introduction to Pricing can give you a competitive edge.
- Business Development Programs: The SBA helps level the playing field for entrepreneurs from underserved communities through its business development programs. The 8(a) Business Development Program, for instance, facilitates growth in socially and economically disadvantaged small businesses by limiting competition for certain contracts. The government also sets aside at least 3% of federal contract dollars for HUBZone certified small businesses, helping them become more competitive.
As Hispanic and Latino small business ownership continues to expand at a remarkable pace, SBA is here to help you during Hispanic Heritage Month and every day.