Alternative lending resources for Hispanic business owners
September is Hispanic Heritage Month — a time to appreciate and acknowledge the contributions Hispanic-Americans have made to American society and culture. Hispanic-owned businesses make up a significant portion of the small business landscape. In fact, over the past 10 years, the number of Hispanic business owners grew by 34%, compared to 1% for all business owners in the U.S., according to a study from Stanford University. The study also found that Hispanic-owned businesses contribute about $500 billion to the U.S. economy in annual sales.
As Hispanic owned businesses continue to grow, access to capital remains imperative. Traditional lenders, such as Bank of America, have a wide range of financial products and services available that might meet the needs of Hispanic and other small business owners. These are commonly known as traditional bank business loans and used to be the only option for small businesses. However, with the rise of alternative lending, there are certainly other options for small business owners to consider. The key is knowing where to look. To get started, check out this great article on Bank of America's Small Business Resources site that provides a list of alternative lending sources, including Community Development Financial Institutions (CDFIs), grants and loans.
MAP3726514 | 08/2021