Hispanic- and Latino-owned businesses have never had a larger impact on the economy of the United States. According to the U.S. Department of the Treasury, the approximately 5 million Latino-owned businesses in this country generate more than $800 billion each year. This is possible despite many of these business owners lacking access to networks, capital, or guidance that make success possible.
If you own or hope to start a business, there are resources available to you. From organizations based in California to national groups dedicated to helping Hispanic entrepreneurs, you have options in front of you. Keep reading to learn about some of the resources available to Hispanic business owners and budding entrepreneurs.
The Association of Latino Professionals for America
First established in 1972, the Association of Latino Professionals for America has an important mission: empowering and developing Latinos as leaders in every sector of the global economy. Currently, more than 116,000 members are part of this rapidly growing movement that focuses on networking and leadership development opportunities.
For business owners, a relationship with the ALPFA can be helpful when it comes to securing long-term employees or summer interns. Each year, the organization connects thousands of students and professionals with Latino-owned businesses looking to expand their workforce.
The Hispanic Association of Small Businesses
The Hispanic Association of Small Businesses (HASB) is a nonprofit organization with the stated goal of empowering existing and future Hispanic entrepreneurs. The group was incorporated in 2014 with a specific focus on socioeconomically disadvantaged communities. Their efforts focus on providing a range of services and tools for entrepreneurs that allow small businesses to compete with much larger competitors.
HASB offers a range of helpful services that are either free or provided at a low cost. They offer remedial English development workshops for business owners hoping to learn the language. They also operate business development and media marketing workshops with the hope of helping small businesses expand their skill sets and compete with larger companies in their industry.
The Latino Business Action Network
The Latino Business Action Network (LBAN) is a nonprofit group partnered with Stanford University. Its purpose is to foster growth in smaller Latino businesses. Their major effort is the Business Scaling Plan. Offered twice annually, this program provides business owners with tools for growth and expansion. This is ideal for existing businesses looking to grow to new heights.
LBAN does have some programs targeting new companies as well. Their Startup Accelerator is an annual program designed to help entrepreneurs navigate the challenges that come with building a new business from the ground up. The group also provides helpful networking opportunities among alumni.
The National Association for Latino Community Asset Builders
For many people looking to start their own business, what they need the most is an injection of cash to get their company off the ground. That is where the National Association for Latino Community Asset Builders (NALCAB) comes in. NALCAB provides grants and loans to fund Latino-owned businesses.
NALCAB is not just a single group; it represents more than 200 nonprofit organizations focused on financial prosperity in Latino communities throughout the country. The organization not only works with its network of nonprofits to increase their funding capacity, but it also funds access to Latino-owned businesses in underserved markets.
While providing grants and loans is a central part of the mission, the group also provides an array of training tools and resources. These can be accessed on-demand, ensuring Latino business owners get the training they need to make their businesses thrive.
The National Hispanic Business Group
The National Hispanic Business Group (NHBG) was founded in 1985. Since then, this organization has operated with a vision of helping Hispanic businesses grow by opening up dialogues between owners that may lead to positive relationships between the parties. The group is also focused on community empowerment and social change.
Much of the NHBG’s work centers on mentorships and scholarships. Throughout the year, they offer in-person and online events, including specialized workshops for business owners. NHBG leverages its relationships with corporate sponsors to help build connections with its member business owners as well.
The National Minority Supplier Development Council
The National Minority Supplier Development Council (NMSDC) plays an important role in certifying minority-owned businesses. Certification from the NMSDC can open up new relationships with companies specifically seeking to do business with minority-owned suppliers.
The NMSDC was first founded in 1972. By certifying that a company is minority-owned, NMSDC creates connections between small businesses and suppliers, larger corporations, and even public entities. Certification is a must-have for companies hoping to bid on public contracts as a minority-owned business.
This organization does more than certify businesses. They also operate a range of educational programs designed to support minority businesses. These courses cover important topics like raising capital, negotiating contracts, and improving sales.
Business owners who complete these courses also gain additional support. In some cases, they may be eligible for business grants and other types of funding through the organization. In addition to these programs, the NMSDC offers a wider range of virtual and in-person events. They cover topics on leadership, networking, and the basics of business operations.
Have You Been Injured? The Gomez Trial Attorneys are Here to Help
Business owners in San Diego are not immune to accidental injuries. If you have been hurt through no fault of your own, you might have a case for compensation. For many people, serious injuries can have a devastating impact on starting or operating a small business. When accidents happen, Gomez Trial Attorneys are here to help.
Our firm proudly advocates for Hispanic and Latino business owners, and our bilingual staff is always available to help. If you have been injured and are worried about the impact it might have on your business, let our team of professionals help you maximize your recovery.
You do not have to take on the challenge of filing a lawsuit alone. Let Gomez Trial Attorneys help you get the most out of your claim. Contact us today for a free consultation.