Hispanic business owners are an important part of the U.S. economy, contributing over $800 billion yearly. Nearly one in four new businesses is Hispanic-owned. Yet Hispanic-owned businesses face unique challenges, such as less access to funding and connections compared to other demographics.
As we celebrate National Hispanic Heritage Month, we’ve compiled a list of top resources for Hispanic small business owners. These organizations, federal agencies, and programs can help your business grow through financial assistance, education, networking opportunities, and more.
Business Support and Resources for Hispanic Small Business Owners
Financial tasks such as invoicing, paying bills, and managing taxes are challenging for most small business owners. 74 percent of Hispanic-owned business owners report these tasks as “extremely challenging.”
Many groups and organizations are dedicated to helping Hispanic small businesses improve business growth and literacy, including financial support. Let’s look through some of the top business support and resources for Hispanic business owners.
Latino Business Action Network
The Latino Business Action Network (LBAN) is a nonprofit that educates and supports Latino entrepreneurship across the U.S.
Based in San Jose, California, LBAN is jointly led and supported by Stanford University. Over 600 graduates have employed over 30,000 people through Latino-owned businesses.
Latino entrepreneurs can benefit from their world-class business teaching, from learning how to scale and build wealth to accelerate business growth.
League of United Latin American Citizens
Since 1929, The League of United Latin American Citizens (LULAC) has supported Hispanic-owned businesses, making it the longest-standing Hispanic-focused organization in the U.S.
With one in four women-owned businesses led by Latina women, LULAC focuses primarily on women with its Latina Entrepreneur Academy (LEA). The organization provides a wide range of resources, including conferences and entrepreneur workshops.
Minority Business Development Agency
The Minority Business Development Agency (MBDA) has supported minority-owned businesses since 1969. As an arm of the U.S. Department of Commerce, it can give Hispanic small businesses access to capital, contracts, and routes into new markets. There are also various MBDA Business Centers around the country where you can seek funding, guidance, and further resources.
The MDBA has previously helped Hispanic entrepreneurs secure around $4 billion in capital and contracts in just one year. Funding is annual and should be applied for by spring or summer.
National Minority Supplier Development Council
The National Minority Supplier Development Council (NMSDC) can help certify your small business so that you can connect with new business opportunities.
The program connects certified Hispanic-owned businesses with large public and private businesses seeking to hire suppliers from diverse backgrounds. You can also receive education, leadership, and networking at NMSDC events.
Association of Latino Professionals for America
The Association of Latino Professionals for America (ALPDA) is a great place to go if you’re a small business looking to hire. Offering professional and student chapters, resources, special grants, and fellowships, it’s a great community to find Hispanic talent and gain professional development.
Latina Think Big
Latinas Think Big is an online community with over 20,000 professional Latina women. This group allows you to connect with other minority entrepreneurs to find business opportunities, mentoring, and networks to boost your business. It features a job board, real-time peer mentoring, curated educational content, and local events.
SCORE provides volunteer expert business mentors to help Hispanic small business owners overcome the issues specific to them. They also offer webinars, business plan templates, and ongoing resources.
Looking for more business resources? Take a look through our Business Resources collection.
Grants and Loans for Hispanic Small Businesses
Nearly 61% of Hispanic-owned businesses say getting loans or financing is challenging. The sources below can be a great starting point for finding reputable grants and loans.
Small Business Administration
The Small Business Administration (SBA) has programs specifically designed to help Hispanic small business owners, such as the 8(a) Business Development Program, which can help you access funding and contracting opportunities.
Guidant Financial is the best place to help find the right financing for your small business or franchise. We’ll remove the complexity and help you get an SBA loan or find the right financing solution for you. We’ve helped launch over 30,000 small businesses!
U.S. Hispanic Chamber of Commerce
The U.S. Hispanic Chamber of Commerce (USHCC) oversees 200 local Hispanic chambers of commerce and Hispanic business organizations across the country. As the most prominent Hispanic Business organization in the U.S., you can benefit from special grants, a Hispanic community, networking events, and technical assistance.
Accion offers small business loans and support to women and minority business owners across the U.S.
As a nonprofit institution, you can benefit from low-cost lending opportunities with loans between $300-$100,000. They also communicate in both English and Spanish.
USDA Rural Business Development Grants
The USDA Rural Business Development Grants can help your Hispanic small business if it has less than 50 workers and is located in a rural area.
Its funding opportunities can support training, renovation, contraction, or land buying. Smaller requests are given priority, making it a valuable resource for small business owners.
FedEx Small Business Grants
FedEx holds a yearly contest that awards ten small businesses with grants of up to $50,000. While far from easy (due to over 18,000 contestants), it is a potential route to considerable funding. You must enter between February and March each year and have a FedEx account in good standing.
Grants.gov is a system designed to help you apply for federal grants. Billions of dollars are provided via these federal grants every year, making it a route worth trying. With over 1,000 guidance programs and 26 grant-making agencies, Grants.gov is a great place to start.
National Association for the Self-Employed (NASE)
The National Association for the Self-Employed (NASE) offers grants to Hispanic small business owners of up to $4,000. You must present documentation on how you’d use their fund and grow your business.
Over $1,000,000 has been awarded to NASE members to fund hiring, expansion, marketing, and more.
The PowerUp Program
Ureeka, Google, and Hispanics in Philanthropy’s PowerUp Program are set to award over 500 Latinx small businesses in California, Texas, and New York with coaching support, resources, and a $5,000 grant.
You can access a network of coaches and peers dedicated to providing ongoing support. Previous programs have resulted in Hispanic entrepreneurs gaining 80 percent more revenue.
If you’re a Hispanic business owner looking for extra support in growing your business, you can take advantage of multiple programs, networks, and grants specially designed for Hispanic small business owners.
Business Resources and Support
- Latino Business Action Network: World-class education in business
- League of United Latin American Citizens: Women-focused education and workshops
- Minority Business Development Agency: Funding and guidance
- National Minority Supplier Development Council: Business connections
- Association of Latino Professionals for America: Grants and hiring community
- SCORE: Mentorships
Grants and Loans
- Small Business Administration: Loans and contracting
- U.S. Hispanic Chamber of Commerce: Grants, networking and education.
- Accion: Loans
- USDA Rural Business Development Grants: Rural funding
- FedEx Small Business Grants: Large funding contest
- Grants.Gov: Federal grants
- National Association for the Self-Employed (NASE): Grants
- The PowerUp Program: Grants and coaching networks
Choosing the right financing option for your business isn’t always easy. A number of factors affect it, such as the cost of capital, the likelihood of approval, and amounts. Let Guidant help. We can help you pre-qualify for loans and other methods of business financing.