Post by account_disabled on Feb 21, 2024 22:48:49 GMT -5
About Latino-owned companies is that they are 50% more likely to request financing compared to white-owned companies in the US, being the expansion of their businesses, acquisitions of additional capital assets and covering expenses are some of the reasons behind this. And although when applying for a loan, Latin companies present similar or even higher qualification indicators to banks, they obtain approval rates substantially lower than white companies when they require loans above US$50,000. “When we talk about access to capital and loans, financing is obviously essential for the development and maintenance, as well as the growth of companies. This is particularly for Latino-owned businesses, because they are growing faster than white businesses.
In 2022, one in three Latinos will seek some type of financing to grow their business,” explained the associate director of the Latino Business initiative at Stanford Switzerland Mobile Number List University, Bárbara Gómez-Aguiñaga, in an interview with Bloomberg Línea . Compared to white businesses in the US, Latino businesses get, on average, 3.3 times smaller corporate contracts. In the case of contracts with state and federal governments, these are 30 times smaller. Procurement spending also reflects disparities, as the Hispanic Association for Corporate Responsibility reports that less than 1% of suppliers are Hispanic, and just over 1% of total spending goes to Hispanic-owned businesses. Additionally, even though Latinx companies are the fastest-growing cohort of female entrepreneurs, they received less than 2% of venture capital funding in 2021.
In this regard, Ramiro Cavazos states that “addressing these challenges is essential to guarantee equitable opportunities for Latino companies and entrepreneurs, maintaining their vital role in driving the American economy .” How are Latin companies in the US shaping up for 2024? The detailed growth of Latin companies, says Gómez-Aguiñaga of Stanford University, is not a “coincidence” and responds to the strategic decisions that company leaders constantly make, as well as their ability to adapt. . Precisely because of these types of decisions, the expert believes that the technology area will be the trend in 2024 for Latin businesses and a field in which these companies could stand out.
Overall, 19% of Latino-owned businesses are dedicated to developing or selling some type of technology or software product, compared to only 14% of American-owned businesses. In this context, it stands out that one of the main tools of Latin entrepreneurs is that they tend to incorporate more changes as required, both socially and economically. “An example of this was during the pandemic. “Our research reveals that Latino-owned businesses developed and also more frequently incorporated technology-based solutions and strategies to adapt their businesses to the demands and opportunities that arose,” he concluded.
In 2022, one in three Latinos will seek some type of financing to grow their business,” explained the associate director of the Latino Business initiative at Stanford Switzerland Mobile Number List University, Bárbara Gómez-Aguiñaga, in an interview with Bloomberg Línea . Compared to white businesses in the US, Latino businesses get, on average, 3.3 times smaller corporate contracts. In the case of contracts with state and federal governments, these are 30 times smaller. Procurement spending also reflects disparities, as the Hispanic Association for Corporate Responsibility reports that less than 1% of suppliers are Hispanic, and just over 1% of total spending goes to Hispanic-owned businesses. Additionally, even though Latinx companies are the fastest-growing cohort of female entrepreneurs, they received less than 2% of venture capital funding in 2021.
In this regard, Ramiro Cavazos states that “addressing these challenges is essential to guarantee equitable opportunities for Latino companies and entrepreneurs, maintaining their vital role in driving the American economy .” How are Latin companies in the US shaping up for 2024? The detailed growth of Latin companies, says Gómez-Aguiñaga of Stanford University, is not a “coincidence” and responds to the strategic decisions that company leaders constantly make, as well as their ability to adapt. . Precisely because of these types of decisions, the expert believes that the technology area will be the trend in 2024 for Latin businesses and a field in which these companies could stand out.
Overall, 19% of Latino-owned businesses are dedicated to developing or selling some type of technology or software product, compared to only 14% of American-owned businesses. In this context, it stands out that one of the main tools of Latin entrepreneurs is that they tend to incorporate more changes as required, both socially and economically. “An example of this was during the pandemic. “Our research reveals that Latino-owned businesses developed and also more frequently incorporated technology-based solutions and strategies to adapt their businesses to the demands and opportunities that arose,” he concluded.