As 2023 approaches, financial analysts will be looking to entrepreneurs to provide innovation, growth, and jobs to steady a volatile market. With nearly 25 percent of all new small businesses coming from the Latino community, Hispanic entrepreneurs will surely play a big role in our country’s economic recovery. Yet, funding remains a big obstacle among minority company owners. If you’re looking for help in securing startup capital or additional money, consider the following list of resources for Hispanic small business grants.
1. The U.S. Hispanic Chamber of Commerce (USHCC)
Whether you’re thinking of running a restaurant or an insurance company, grants for Hispanic business owners are often given through the USHCC. This organization has supported and promoted the growth of Latino-run companies since 1979. They also partner with Wells Fargo to provide various funding programs ranging from $5,000 to $15,000.
2. Camino Financial
Based in Los Angeles, California, Camino Financial was launched specifically to help Latino entrepreneurs secure loans. Inspired by the story of their mother who lost a chain of restaurants due to lack of funding, Sean and Kenny Salas have remained committed to serving the underfunded.
Loans are available with flexible terms of up to $400,000. The only prerequisites are that your business must be at least nine months old and earn over $30,000 in annual sales.
The numbers are beginning to add up for Camino Financial. Their website claims to have $183 million, funded almost 10,000 small businesses and saved company owners over $18 million in interest. With interest rates available at just 1 percent, it’s no wonder so many have turned to this financier for loans.
3. Amber Grant for Women
Any idea what the fastest growing segment is in the entrepreneurial community? It’s Latina-owned small businesses.
It should come as no surprise that Latina leaders will be a driving force in this nation’s prosperity in 2023, as they have always been emblematic of hard work, strong will, and responsible ownership.
The Amber Grant for Women is named after Amber Wigdahl, an ambitious young woman with dreams of becoming an entrepreneur, who sadly passed away at the young age of 19. Women of all ethnicities can apply for an Amber Grant. Moreover, it’s one of the better business loans available for Hispanic women who must often battle several systemic barriers to entry into any industry.
Grants range from $10,000 to $25,000 and are awarded to 12 women who are driven to impact their industry every year. The application fee is just $15, so it’s a resource well worth pursuing if you’re looking for capital to start or grow your small business.
4. Grants.gov
When searching for Hispanic small business grants, this is the first place you should check. Grants.gov is known to be the largest resource available for government grants of any kind. Their website is comprehensive and user-friendly. If you’re so busy that you can only search while on the go, they have a convenient mobile app as well.
This is an especially good resource if your startup or existing organization happens to fall into the science and technology industries. Many government initiatives are aimed at advancing our lifestyle through robotics, Artificial Intelligence (AI), automation, etc. Therefore, more money is allocated to innovators in these emerging industries.
5. The U.S. Department of Agriculture (USDA) Grant
Grants for Hispanic business owners are readily available through the USDA if you live in a rural area. This resource is dedicated to existing companies with less than 50 employees and annual gross revenue of $1 million. Most states have a local office you can visit to fill out an application, but you won’t know how much money you’re eligible to receive until you complete the process. So, do your research first, determine your potential eligibility, and proceed only if the entirety of the process seems to be worth your time.
Many other options for funding a small business exist for people of any ethnicity. If you’re a Hispanic entrepreneur looking for a great opportunity, contact Freeway Franchise at (877) 822-3024 or fill out our quick online form. We have all the resources you need to succeed in the insurance industry. No prior experience is needed, and we can even present special financing options.
