Latina-owned small businesses are the fastest growing business segment in the United States. Since 2007 the amount of Latina-owned small businesses in the United States has grown almost 87%, with there currently being over 1.4 million Latina-owned small businesses (National Women’s Business Council). Despite the explosive growth in the number of these business, many still have problems finding the resources and capital they need to continue to grow and expand. To help Latina small business owners we have created a list of seven resources to help them continue to grow their business, create jobs, and help strengthen the American economy!
1. United States Hispanic Chamber of Commerce Foundation Enterprise Accelerator
The United States Hispanic Chamber of Commerce (USHCC) Foundation’s Enterprise Accelerator works to support emerging Latina business leaders and serves as a catalyst for their entrepreneurial endeavors. Every year, the program selects three women to become part of the Enterprise Accelerator cohort. The selected participants receive an all-expenses paid fellowship at the Stanford Latino Entrepreneurship Initiative or an alternative education program, mentoring from Presidents and CEOs of various companies, and a personal business coach to help them develop quantifiable action plans. The participants are also acknowledged and honored at the Gala held during the USHCC National Convention in October and the USHCC Foundation Gala in November.
“In 2015, BP nominated Trumbull for [the Enterprise Accelerator] which helped serve as a launching pad and helped build momentum. [The Enterprise Accelerator] increased Trumbull’s network, increased exposure, and provided warm introductions. Introductions not only included potential energy and environmental clients, but also included introductions to the MBE and WBE certification process.” — Dyan Media Gibbens, Founder & CEO of Trumbull Unmanned, 2014 Enterprise Accelerator Cohort
As the largest and only nationwide nonprofit micro and small business lending network in the United States, Accion connects small business owners with the financing and support it takes to create or grow healthy businesses. They stand behind every small business owner as they achieve success, so that businesses — and entire communities — see real and lasting impact. Accion has loan programs specifically for minority and women business owners helping them get access to the capital needed to make their business grow and flourish.
Aspen Capital Fund is a Hispanic family owned business located in Colorado. Their focus is to build minority enterprises and individual success stories. The Aspen Capital Fund works with young and innovative minority entrepreneurs helping them fund their business, improve their day to day operations, and develop both business and exit strategies.
The Stanford Latino Entrepreneur Leaders Program at the Latino Business Action Network is an investment in Latino business owners with $1 Million in revenue or have raised $500,000 of external funding to scale their business through an immersive program. The programming provides business owners with the education, enhanced networks, personal mentorship and a better understanding in accessing capital resources to grow their business.
The 8(a) Business Development Program is a business assistance program for small minority owned or socially disadvantaged businesses. The 8(a) Program offers a broad scope of assistance to businesses that are owned and controlled at least 51% by minority or socially disadvantaged individuals. The program helps thousands of aspiring entrepreneurs to gain a foothold in government contracting. Participation in the program is divided into two phases over nine years: a four-year developmental stage and a five-year transition stage.
The Latin Business Association (LBA), is a private non-profit organization established in 1976. The LBA represents over 800,000 Latin business in California. The LBA serves as the unifying voice for Latin businesses, advocating for opportunities that set business owners at a higher class of competitiveness. They have a variety of programs such as a supplier diversity bootcamp and loan programs specifically for Latin small business.
The Minority Business Development Agency (MBDA)is an agency in the US Department of Commerce. They help create and maintain jobs by promoting the growth and global competitiveness of large, medium, and small businesses owned and operated by members of minority communities.
The MBDA helps minority-owned small business through a nationwide network of business centers, a variety a strategic partners, and programs specifically aimed at helping minority owned small businesses. These programs include business workshops, grant competitions, and start-up programs for young minority entrepreneurs.
About the USHCC Foundation:
For more than three decades, the United States Hispanic Chamber of Commerce (USHCC) Foundation has been educating and empowering the next generation of Hispanic business leaders and entrepreneurs. We do this through a variety of programs and scholarships that support business growth, encourage entrepreneurship, and influence our chambers to better serve their local communities. Each year, these programs equip thousands of new entrepreneurs and established business owners with the financial and technical resources, communications networks, and business trainings they need to succeed.