Hispanic and Latino American business owners are represented across every industry. They are builders, systems engineers, stylists, federal contractors, restauranteurs, healthcare providers, and more. Regardless of their field, they have one thing in common: They are serious contributors to the U.S. economy. In fact, at the time of the most recent Annual Business Survey, Hispanic-owned businesses totaled $636.2 billion in receipts. And that’s not the only statistic worth noting. Latino business ownership is growing at the fastest pace in at least a decade.
That alone is worth celebrating this National Hispanic Heritage Month. From September 15 to October 15, the SBA is excited to honor the economic impact of Hispanic and Latino entrepreneurs, past, present, and future. The following resources are designed to pave the way for continued small business success.
- Local Assistance: The SBA provides free and low-cost services through its partner organizations around the country. Training, counseling, funding, and more can be accessed through Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers. Additionally, SCORE’s Hispanic Business Owners Hub offers mentorship opportunities to help today’s Hispanic and Latino entrepreneurs navigate the challenges they face.
- Funding: Starting, growing, and expanding a business takes capital, and that’s where the SBA comes in. Our loan programs, which provide short- and long-term financing options, set guidelines and reduce lender risk. Utilize the SBA’s easy-to-use Lender Match tool to get matched with an SBA-approved lender for a 7(a), 504, or microloan program.
- Contracting Opportunities: In Fiscal Year 2023 alone, Hispanic American-owned businesses were awarded a historic $10.9 billion in federal contracting dollars. That money is distributed through programs like HUBZone, which fuels small business growth in historically underutilized business zones. There’s also the 8(a) Business Development program, which offers training and technical assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals. Learn about how your business can compete in the federal marketplace at sba.gov/contracting.
Help the SBA celebrate this National Hispanic Heritage Month! For more information, visit sba.gov. Para una versión en español de nuestro sitio web, visite sba.gov/es.