, according to the survey. Of those who didn't apply, 69 percent said they didn't because they were unsure if they qualified.came around in April, he was unsure if he would qualify because he pays his employees, who are mostly family members, in cash and the application asked for forms he didn't have.
Sean Salas, CEO of Camino Financial, said the large number of Latino owners who didn't apply for aid speaks to"a root issue"—a systemic lack of"pre-existing lending relationships" between financial institutions and Latino business owners who need capital. This, he says, goes beyond"just the SBA not doing its job to help Black and brown small businesses."
The lack of existing lending relationships contributes to a"knowledge gap" that makes it difficult for Latino business owners to know how to respond to a crisis. "You see the repercussions of that when owners aren't ready to apply for aid because they don't have a 1099 contract ready or their 2019 taxes ready," Salas said.Aguirre first experienced this"knowledge gap" when the family launched the business in 2012.
"We literally didn't make any money that first year because we didn't know how much to charge," said Aguirre, adding that they later participated in two microentrepreneurship programs,
NBCLatino I hope more people start their own online home businesses for under $100 start up. Network marketing has been labeled as scams, but they're really legal businesses in the US. some are scams. Some are not. I'm creating my income now. Stimulus is very limited.