The number of Hispanic individuals based in the US is on a surge, and their business community has risen to a great extent, up to more than 350,000 businesses recently. More than 15% of entrepreneurs residing in the US are Hispanic. Despite these wondrous demographics, they are still facing issues in getting finance for starting a new business. It is a common observation that they receive fewer funds as compared to entrepreneurs from other groups.
To counter this miserable condition, the US government has set up many organizations to provide grants to Hispanic and minority-owned businesses. Discussed below are some important organizations that can help Hispanic businesses financially.
Accion
Accion is a non-profit finance-providing organization and provides low-cost lending opportunities to many small business owners. It operates across 41 states in the US, and the loan provided by them ranges from $300 to $100,000 and allows repayments that are personalized depending upon the need of each business owner. To help Hispanic business owners flourish, they also serve in English and Spanish.
Community Development Financial Institutions Fund
The CDFI is part of the US department of treasury. It plays an essential role in helping the minorities, especially the Hispanic people, to stand on their feet by supporting them financially. They award finance to many organizations that are aimed to help under-served communities and individuals. To discuss low-cost loans and opportunities of tax-credit, the Hispanic business owners who have received financial support from CDFA can connect with local organizations and banks.
It is a non-profit treasury organization and is based in New Jersey. Its mission is to develop initiatives and innovative programs that can play an important role in Hispanic communities’ economic growth. Its primary focus is to serve Hispanic women and entrepreneurs for many years. It has even launched many funding opportunities during the COVID pandemic for Hispanic women struggling to survive.
Grants.gov
Grant.gov is a US government website that provides many amazing opportunities for thousands of grants by the federal government. Not most of the grants are targeted at Hispanic individuals. However, they offer the chance for all to apply, and the opportunities to qualify are also high. Annually, more than $5 billion are awarded to the small businesses that have applied for grants.
Small Business Administration (SBA)
They provide funds and many other services to Hispanic-owned and minority-owned businesses. You can apply through an SBA lender match for getting a community advantage loan and microloans. Another essential feature is its ability to connect Hispanic entrepreneurs with federal contracting opportunities.
National Association for the Self-Employed
This organization offers a grant to small business owners and entrepreneurs. You will get a grant of up to $4000 if you are an active member of this organization. You will have to provide your documents while applying where you must explain why you need this grant and what’s your plan to use it. You can use these funds for multiple purposes in your business, including marketing, expanding, advertising, and hiring resources for you. A well-developed resume and a practical plan are what can make you a powerful candidate for the grant.