Karen Mills, chief administrator with the Small Business Administration, said on Tuesday that a new pilot program by the SBA and the U.S. Hispanic Chamber of Commerce will help connect local lenders with Hispanic business owners.
Combining resources will generate new opportunities for Hispanic entrepreneurs, as well as “drive competitiveness and innovation, and strengthen our economic recovery and growth,” Mills said in a statement.
Latinos can visit offices in Texas, Tennessee, Pennsylvania, Florida, California, Ohio, and Utah, to obtain financial and business counseling under the new program.
Hispanic-owned businesses launch at twice the rate of the national average, yet these enterprises tend to remain small and have fewer people on their payrolls, partly because it’s hard for them to obtain commercial bank loans.
“Latino businesses are looking to build something that will grow and grow. They want to have something to leave behind to generations,” said Roberto Barragan, president and CEO of the Valley Economic Development Center in Van Nuys, Calif. READ MORE
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