The journey to being an entrepreneur to a multi-million dollar company can be challenging when you don't have an uncle that's a banker. Jennifer Garcia, COO at LBAN, Latino Business Action Network, a Silicon Valley based non profit, discusses how we can move beyond just the side hustle, to entrepreneur, to multi-million dollar business with conversations when we can build stronger networks. Latinos are the fastest growing entrepreneurial group and yet, we lack the financial backing to scale our business. Why? We discuss some of the financial barriers, that are not associated to the Latino Business but to the institutions that support the business entrepreneurship community. Fast facts: The odds of loan approval from national banks are 60% lower for Latino-owned businesses above $50K and Government Contracts are smaller and take longer for approvals. Latinos are the highest indexed to start a technology business, but receive less than 2% overall in VC funding. Latinos are 20% of the US population.
LBAN is partnered with the Stanford Graduate School of Business in this 8th annual report State of Latino Entrepreneurship for 2022 and was released earlier this year, from a national survey of 10,000 business owners across the country. The survey respondent pool consisted of 5,011 Latino-owned employer businesses and 5,017 nonHispanic White-owned employer businesses, which served as a benchmark comparison group. All the companies sampled generated at least $10,000 in annual revenue and had one employee beyond the owner. You can find the report here.
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