Hispanic and Latino-owned businesses in the United States have a significant impact on the country's economic health. In 2020, Hispanic-owned businesses brought in more than $472 billion and employed nearly 3 million people. Hispanic and Latino entrepreneurs play a critical role in driving innovation and economic growth across industries, which is why many organizations have been created over the years to sustain this growth.
From impact organizations to government-backed initiatives, here are nine programs that can help Hispanic business owners start a business or find support.
[Read more: How (and Why) to Get Certified as a Minority-Owned Business]
American Association of Latino Professionals
The Latino Professional Association of America (ALPFA) is a nonprofit organization whose mission is to create opportunities for Latino individuals. For Latino-owned businesses, ALPFA serves as a valuable support system, providing college scholarships, educational programs, professional connections, and more. Through its initiatives and events, ALPFA fosters a community that fosters the growth and success of Latino entrepreneurs and contributes to the development of diverse and dynamic business in the United States.
Latinos think big
Latinas Think Big brings together Latin American women with a shared interest in big ideas and ventures. It is known as the largest network for Latinx professionals, entrepreneurs, and students, offering in-person events as well as an online community of over 20,000 members. Learning opportunities and career advice are just some of the benefits of membership. Community members celebrate each other's accomplishments, support each other through growth and milestones, and have a wealth of local and national networking opportunities. Past national summits have been held in locations such as San Francisco, Cambridge, and New York City.
Latino Business Action Network
Latino Business Action Network (LBAN) is an organization dedicated to empowering Latino entrepreneurs in the United States. In partnership with Stanford University, LBAN aims to foster the growth and success of Latinx businesses through innovative programs. LBAN's Business Scaling Program provides entrepreneurs with the essential skills and knowledge to effectively scale their business ventures. Additionally, LBAN's Small Business Navigator partnership provides critical resources and guidance to startups, enabling them to overcome challenges and seize opportunities in today's competitive environment.
[Read more: 9 Funding Options for Hispanic-Owned Businesses]
League of Latin American Citizens
The League of United Latin American Citizens (LULAC) is dedicated to promoting civil rights, economic empowerment, and social justice for Latin American communities in the United States. In the field of economics and business, LULAC offers a variety of programs to support and advance Latino businesses. LULAC's Latinos Living Healthy initiative addresses health disparities and fosters a healthier workforce essential to sustainable business growth. In addition, the “Empower Hispanic America with Technology” initiative provides essential technical skills to aspiring professionals and strengthens their potential in the digital environment. Overall, LULAC's commitment to empowering Latinx entrepreneurs underscores LULAC's critical role in promoting economic development and community prosperity.
Latinas Think Big brings together Latin American women with a shared interest in big ideas and ventures.
National Hispanic Business Group
Rooted in a strong commitment to diversity and inclusion, National Hispanic Business Group (NHBG) revolves around providing a supportive ecosystem that enables Hispanic business owners to grow and thrive. NHBG helps entrepreneurs access valuable resources, networking opportunities, and industry insights through a variety of programs and initiatives. NHBG promotes economic development within the Hispanic business community through mentorship programs, scholarships, and professional workshops, and also hosts in-person events throughout the year.
Minority Business Development Agency
The Minority Business Development Agency (MBDA), a division of the U.S. Department of Commerce, has supported minority-owned businesses since 1969. The agency focuses on connecting minority-owned businesses with capital, contracts and new entry assistance. market. In addition, he has numerous MBDA Business Centers across the United States where Hispanic and other minority business owners can seek guidance, financing information, and other resources.
National Minority Supplier Development Council
The National Minority Supplier Development Council (NMSDC) plays an important role in certifying minority-owned businesses. Companies that obtain NMSDC certification can be connected to new business opportunities. NMSDC acts as a kind of matchmaker between certified minority-owned businesses and large public and private businesses seeking to hire diverse suppliers. In addition, NMSDC also hosts events focused on education, networking, leadership, and other topics.
Small Business Management 8(a) Business Development
The U.S. Small Business Administration (SBA) champions Hispanic-owned businesses through its 8(a) Business Development Program. The initiative aims to promote growth and equal opportunity and helps qualify small businesses owned by socially and economically disadvantaged groups, including Hispanic entrepreneurs. The program is poised to provide participants with resources, training, and mentorship opportunities to accelerate their growth in the federal marketplace. To participate, Hispanic-owned businesses must meet certain eligibility criteria, including:
- It qualifies as a small business.
- At least 51% owned and controlled by socially and economically disadvantaged U.S. citizens.
- Individual net worth is $850,000 or less, adjusted gross income is $400,000 or less, and total assets are $6.5 million or less.
If you are interested in the 8(a) Business Development Program, read the full list of eligibility criteria to learn more. Once certified, participants gain access to federal contracting opportunities, facilitating expansion and exposure to a broader customer base.
U.S. Hispanic Chamber of Commerce
Founded in 1979, the U.S. Hispanic Chamber of Commerce (USHCC) serves as an umbrella organization for more than 200 local Hispanic chambers of commerce and Hispanic business organizations across the United States. USHCC is committed to developing national programs to support Hispanic-owned businesses, facilitating trade between Hispanic-owned businesses in the United States and Latin America, and providing technical assistance and training to Hispanic entrepreneurs. Additionally, the organization hosts events and programs that help businesses connect and stay informed.
[Read more: 6 Hispanic-Owned Business Directories]
This article was originally written by Sean Ludwig.
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