found that only 20% of Latino-owned businesses that applied for national bank loans over $100,000 obtained funding, compared to 50% of their white-owned business peers.
When looking at loans of all sizes, the percentages changed, but not the financial service gap: among Latinos, 51% received loans versus 77% for whites. Echoing these numbers, aby the U.S. Small Business Administration Office of Advocacy found that businesses owned by Hispanics were more likely than those owned by Whites to have their loan application denied outright.
This reported data included all funding sources and was not solely focused on SBA initiatives. Considering business education in general, critical financial tasks such as invoicing, getting paid, paying bills, and managing taxes were reported to be a challenge for almost 74% of Hispanic-owned businesses., found that more than 21% of Hispanic business owners describe these regular business tasks as “extremely challenging.
This tenacity and growth are supported by a noticeable increase in education within the Hispanic community. Multiple programs targeting Hispanic business owners have emerged throughout the state. Programs like the Hispanic Entrepreneurship Training Program (