Researchers and faculty in American University’s Center for Latin American and Latino Studies (CLALS), conducted a comprehensive study documenting COVID-19 relief programs and challenges for businesses in the Washington, DC Metro Area in response to
/PRNewswire/ Camino Financial s Q 3 2021 Latino Small Business Credit Survey points to emerging credit demand among smaller Latino-owned Businesses (LOBs).
Bank of America is awarding Charlotte’s Latin American Chamber of Commerce with a $200,000 grant to launch an online e-commerce platform for local Latino-owned businesses.
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Latino Entrepreneurs Amid the Pandemic
Latinos opened more small businesses in 2020 or before the pandemic began in the country. This is also supported by data from the Pew Research Center. The center said that Latinos either own or open more small businesses across the country compared to other minority groups.
However, Latin entrepreneurs were hardly hit by the global pandemic and forced most of them to shut down their operations. While others managed to survive by shifting their businesses through deliveries and take-out orders.
Another challenge that adds up to the problem of Latino entrepreneurs is that they were not able to access the same rate of Paycheck Protection Program compared to other small business owners in the country under the CARES Act.