Latino Small Business Owners: The Fast Growing Group

By: First Union


Latino Small Business Owners: The Fast Growing Group

In the past decade, the number of entrepreneurs nationwide grew 1%; that statistic however for Latino business owners is 34% and this number continues to increase as more and more Latinos are applying for small business loans to get their ideas off the ground.

Yet another impressive figure: annually Latino entrepreneurs contribute approximately 500 billion in sales to the US economy. Without question, they are becoming a major force in terms of the country's economic landscape.

Those businesses owned by Latinos employ over 3 million (based on a 2019 study/). And consequently, they account for 4% of the nation's revenue. That said, Latino owned firms still tend to be smaller than white-owned companies, though this too is starting to shift.

Some Other Key Statistics…

As far as the kinds of businesses in which Latinos are making their mark, among others: manufacturing, healthcare, finance, and construction. They also tend to be younger businesses, as on average Latino business owners fall into the below 45 age range. And impressively, for every 100k Latino adults, per month, over 500 became entrepreneurs (this based on a 2018 study/).

Latino Business Owners and Funding

One of the problems that Latino business owners have encountered, not unlike numerous other business owners, is the availability of funding for their small companies and firms. They are running into high-interest rates due to insufficient credit histories or because they lack the collateral necessary to secure the loan. And yet that hasn't stopped them from trying to find the resources they need to start and grow their businesses. A 2019 study found that Latino loan applications were up 23% from 2018. Their economic position is rising, and their companies are expanding despite financial hurdles they may encounter.

At First Union Lending, we love helping Latino and other minority-owned businesses grow. It's not about trying to block your path to success, but rather finding a reason to say yes. Call today and let's get started together!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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