Grants for Hispanic Business Owners
Running a business is not the easiest of jobs, especially after the Covid-19 pandemic, which has made the job more difficult. Several businesses closed due to the pandemic, while some are on the brink of closure.
Hispanic-owned businesses share a good percentage of all the businesses registered in the US. The percentage of
Hispanic-owned businesses in 2001 were 6.5 percent, which grew to 15 percent in 2019.
If you are unaware of a Hispanic-owned business, you don’t need to worry, as this post will answer this question and clarify your doubts.
Grants for Hispanic Business Owners
What is a Hispanic-Owned Business?
A Hispanic-owned business is a business owned by an individual who is related to Spain or Spanish-speaking countries. When the pandemic hit the world, no business remains untouched by its effect, and Hispanic businesses are no exception.
If you are a Hispanic person and your business has suffered due to the pandemic, and you need funds to bring your business back to life, you can look for grants for Hispanic business owners. These grants help people who are finding it difficult to run their businesses.
For your information, the money a business owner gets need not be returned, so you don’t have to worry about paying back the money. Moreover, you don’t have to mortgage like you do while taking business loans.
1. Amber Grant for Women
Amber Grant for Women is a business grant given in memory of a woman named Amber Wigdahl, who wanted to be an entrepreneur but died at 19.
WomensNet each month gives two grants of $10,000 to two women among the applications received. At the end of the year, two women among the 24 who got the monthly grant will receive an additional $25,000 each.
The grant is open to all women, including Hispanic women. You just have to mention your business plan in the application, and if WomenNet like your idea, you can be lucky to get this grant.
For detailed information on Amber Grant for Women, visit ambergrantsforwomen.com.
3. US Hispanic Chamber of Commerce
US Hispanic Chamber of Commerce (USHCC) can be one of the options for Hispanic business owners looking for financial help.
USHCC is the largest Hispanic business organization in the US. In collaboration with Wells Fargo, an American multinational financial services company provides business grants in the range of $5000 to $15,000 to qualified business owners.
For more information on the US Hispanic Chamber of Commerce’s business grant, visit ushcc.com.
4. Accion
Accion is a not-for-profit financial institution that offers grants to Hispanic and other business owners. The company operates in more than 41 US states and offers loans at reduced prices to business owners.
They offer loans to Hispanic business owners in the range of $5000 to $100,000 at a low-interest rate compared to other financial institutions.
For availing the benefit of a loan from Accion, your business needs to be at least one year old and have generated annual sales of up to $50,000.
For more information about Accion, you can visit accion.org.
5. Camino Financial
Camino Financial is another option for Hispanic business owners who want grants or loans for their businesses. The co-founders of Camino Financial are Hispanic, and they started this loan as a tribute to their mother. She faced difficulty in getting a loan to start her Mexican restaurant business.
The good thing about this loan is that it is independent of your credit score, and you can send your application, which is free to apply.
One can get up to $400,000 in loan amount at an interest rate that is quite low compared to the interest rate of other financial institutions.
To get more details on Camino Financial, you can visit their website caminofinancial.com.
6. Small Business Administration (SBA)
Hispanic business owners facing a shortage of money due to the Covid-19 pandemic can take the benefit of Small Business Administration loans to fund their business and bring it back to life.
Small Business Administration offers a wide range of services to help Hispanic-owned and minority-owned businesses to get funding for their business. You can get this loan and bring back the old charm of your business.
For more information on Small Business Administration’s loan facility, visit sba.gov.
Conclusion:
Businesses have suffered huge losses due to the Covid-19 pandemic, and some businesses have closed. If you are a Hispanic business owner looking for funds to bring back your business to life, you should not miss out on reading this post.
This post covers Hispanic business grants and loans that can be availed to put your business on track. You will find a brief description of each business grant with a website link that will be helpful.
See Also
How to Apply for Small Business Grant?
Grants for Women Starting a Business
Follow us