Entrepreneurship is alive and well in New Jersey and other parts of the country. Many new businesses are created by Latinos, the fastest-growing ethnicity in the United States. As with many new businesses, their biggest concern is money. Capital is necessary for small companies and fortunately there are not many resources for Latinos to secure the funds they need to make their business grow.
There are currently three million Latino-owned businesses in the United States, with their combined sales at $500 billion. Many of these businesses need start-up capital, but are unable to get it. With the current economy, loans are hard to come by. Latinos may apply for bank loans and give up after being rejected. In addition, there may also be communication issues due to the language barrier.
The Small Business Administration offers a wealth of resources on its website, including training courses, advice, networking opportunities and even one-on-one assistance. The Latino Coalition holds conferences that help small business owners understand the many issues that affect them, including financing, healthcare and immigration.
There are many avenues for small companies to raise the money they need to keep business going. Credit cards can help pay for some immediate expenses, even though finance charges can cost a lot of extra money. Those without credit cards can apply for credit from a supplier. Many vendors allow companies to buy materials and products and charge the amount to an account.
For companies with strong growth, venture capital is an option. This allows investors to give companies money for a percentage of the company or through another agreement. Investment bankers take the company and offer stock to the public in order to raise money. Again, this is only an option for successful companies.
Source: FOX Business, " New Resources for Latino Business Owners," Rohit Arora, April 9, 2013