Latino-owned businesses are a powerful force fueling the U.S. economy. An annual report reveals gains but with room for improvement. We are stretching your dollar with the one step experts say could improve many businesses.
The sweet taste of success often requires sacrifices.
“It’s just a lot of hard work and dedication. I mean, I haven’t known a vacation since its inception, and that’s okay with me because this is life,” Myrna Perez, Owner of Lottafrutta in Atlanta.
Perez is one of millions of Latino business owners playing a key role in the U.S. economy. The latest report from the Stanford Latino Entrepreneurship Initiative shows the growth rate of Latino-owned businesses is higher than any other group.
“It’s amazing how we have grown. We have found that that the majority of our businesses are actually Latina women,” says Ish Gayle, Georgia Hispanic Chamber of Commerce.
The report also found these businesses face unique challenges. Latino start-ups tend to stay smaller and therefore make less money than their counterparts.
The research also found that small businesses overall struggled with lack of business training and access to capital and loans. In fact, the report found that 72 percent of owners don’t know their business credit score.
“Having to educate our community that they are actual entrepreneurs and they have access to many other resources to grow their company that’s really the key,” Gayle adds.
Some tips from nerdwallet.com for businesses to improve their credit score:
- Borrow from lenders that report to credit bureaus. Do that for your small business loans and pay them back on time.
- You can establish trade lines with your suppliers. Many suppliers extend trader credit.
- Keep your information current with all three credit bureaus since you never know which one your vendors, creditors or potential customers will check.