With over two million Latina-owned businesses in the nation today, Hispanic female entrepreneurs are taking the lead and making a significant impact on the US economy. According to the National Women’s Business Council, this segment of new business owners has grown by 87% since 2007. As we continue to celebrate National Hispanic Heritage Month, we want to honor these hard-working women who are proving their resiliency by overcoming the challenges they face on the path to success.
Latina entrepreneurs who are starting out often find the deck stacked against them. They may find themselves facing a double bias against both their race and gender, have difficulty networking and finding mentors, and also have reduced access to much-needed funding and resources.
In fact, a recent report on The State of Online Small Business Lending said that that women business owners in general are less likely to apply for the business funding than men, or to receive the full funding they apply for. When they do get funding, they tend to get $35,000 less than men do, and receive shorter term loans at higher interest rates.
Additionally, the U.S. Small Business Administration Office of Advocacy found in a 2020 research analysis that Hispanic-owned businesses were more likely than those owned by whites to have their loan application denied outright.
Fortunately, more organizations across the US are stepping up to help address these disparities – providing digital tools to offer educational opportunities, including business training, online events and webinars, virtual tutorials and more. There are also a number of business accelerator programs specifically created to help Hispanic-owned businesses or female-owned businesses that Latina entrepreneurs can take advantage of.
Valley has developed its innovative Women in Business program to empower women of all ethnicities connect and collaborate to take their businesses to next level. Our program fosters connections between members by hosting social and educational events that provide opportunities for growth, learning, and networking.
We also want to continue to support the growth and development of new Latina-owned businesses by providing financing options that meet your business’ specific needs and are equitably accessible. Valley is working hard to level the playing field for Hispanic women business owners, offering SBA loans and other business financing options to provide the needed access to capital to get your business off the ground.
We’re committed to helping Hispanic women business owners with the financial services, networking support and resources they need to succeed. Register for our Women in Business program today, or contact us to learn more.