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Latino Entrepreneurs Face — and Can Overcome — Funding Obstacles

Latino Entrepreneurs Face and Can Overcome Funding Obstacles A new report details the barriers to loan approval for Latino-owned businesses and points to ways to break them down. January 29, 2021 Image Latino entrepreneurs like Jonathan Garcia, CEO, Simmitri Solar are significantly less likely to have their business loans approved by national banks.| Nathan Bietz Recent research by the Stanford Latino Entrepreneurship Initiative offers detailed insights into the difficulty Latino entrepreneurs often have finding funding for their businesses and points to some ways these entrepreneurs may be able to improve their odds of success. The 2020 State of Latino Entrepreneurship report found that Latino-owned businesses are significantly less likely than similar White-owned businesses to have loans approved by national banks. The report is based on a survey of “employer” businesses that have at least one paid employee other than the owner.

Morris County NJ businesses to get a boost with Virtual Main Street

Morristown Daily Record The pandemic forced businesses to get creative in order to survive, and while many increased their virtual presence, others, including many Hispanic-owned shops, had a difficult time shifting from in-person to online.     From language barriers to technological gaps and lack of funding, Hispanic-owned small businesses were among the most affected by COVID-19 closures. In an effort to help them and other small businesses stay open, the Morris County Economic Development Corporation (MCEDC) will launch a virtual main street “storefront” to showcase county businesses. It will also issue grants to four Hispanic business owners to help them with the tools and resources to develop an online presence. 

Latino business owners hope for better results from new PPP round

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