Grants for Hispanic Business Owners

Running a business is not the easiest job, especially after the 2020 pandemic, which made it more challenging to stay in business. 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 comprised approximately 4.7 percent of all U.S. businesses in 2002, and by 2018, this figure had increased to nearly 14.6 percent, according to the U.S. Small Business Administration. According to the United States Census Bureau, the percentage of Hispanic-owned businesses reached about 6.5% in 2020. (1)

You don’t need to worry if you are unaware of a Hispanic-owned business grant, as this post will answer this question and clarify your doubts.

What is a Hispanic-owned business?

A Hispanic-owned business is defined as one in which 51% or more of the ownership and control is held by one or more Hispanic or Latino individuals. When the pandemic hit the world, no business remained untouched by its effects, and Hispanic businesses were no exception.

If you are a Hispanic person and your business has suffered due to the pandemic and 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 awards one Amber Grant of $10,000 each month, and one of the twelve monthly winners receives an additional $25,000 at the end of the year. 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 likes 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 corporate partners, the USHCC facilitates access to opportunities, including grants. However, specific grant programs and their amounts can vary and are not exclusively provided in collaboration with Wells Fargo.

For more information on the US Hispanic Chamber of Commerce’s business grant, visit ushcc.com.

4. Accion

Accion is a global nonprofit microfinance organization that provides loans to underserved business owners, including Hispanics but does not typically offer grants. 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 from $5000 to $100,000 at a low interest rate compared to other financial institutions.

To avail of 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 business loans. The co-founders of Camino Financial are Hispanic, and they started this loan as a tribute to their mother, who faced difficulty 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 relatively low compared to the interest rate of other financial institutions.

To get more details on Camino Financial, visit their website caminofinancial.com.

6. Small Business Administration (SBA)

Hispanic business owners facing a shortage of money due to the pandemic can benefit from Small Business Administration loans to fund their business and bring it back to life.

The Small Business Administration (SBA) provides a variety of loan programs and support services for all small businesses, including those owned by Hispanics and minorities. Still, it does not specifically allocate funds exclusively for Hispanic-owned businesses. You can get this loan and bring back the old charm of your business.

For more information on the Small Business Administration’s loan facility, visit sba.gov.

Conclusion:

Businesses have suffered huge losses due to the 2020 pandemic, and some closed. If you are a Hispanic business owner looking for funds to bring your business back to life, you should not miss out on reading this post.

This post covers Hispanic business grants and loans that can help your business get on track. Each business grant is described briefly and has a helpful website link.

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Grants for Hispanic Business Owners