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Grants for Hispanic and Latino Owned Businesses
As a Hispanic or Latino business owner, you're a key player in a thriving economic sector. Accessing financial resources is crucial for launching, growing, or maintaining your business. At American Funding Group, we specialize in assisting Hispanic and Latino-owned enterprises in navigating the grant landscape. We help you identify suitable opportunities, meet eligibility criteria, and successfully secure Hispanic small business grants.
What Is A Business Grant?
Small-business grants are financial awards bestowed upon companies to foster specific goals or encourage certain outcomes. Unlike loans, small business grants are not required to be repaid, making them similar to financial gifts. These grants can be used for a variety of purposes, including supporting new business ventures, improving operational efficiency, and enabling expansion efforts.
The landscape of small-business grants encompasses five primary categories:
Federal grants
State or regional grants
Corporate grants
Specialty grants
Startup grants
A subset of these grants is specifically tailored for minority-owned businesses, with a particular emphasis on those led by Hispanic and Latino entrepreneurs. By providing non-repayable funds, these grants aim to help Hispanic and Latino entrepreneurs start, grow, and sustain their enterprises, thereby promoting diversity and inclusion in the business world.
Hispanic and Latino Owned Businesses Statistics
A business is considered Hispanic-owned when 51% or more of the stock or equity is held by Hispanic owner(s) of any race. If you are a Hispanic or Latino entrepreneur, you are part of a dynamic and growing community that significantly impacts the U.S. economy.
Approximately 5 million Hispanic-owned businesses operate nationwide, contributing over $800 billion in annual revenue and generating an economic output of $2.8 trillion.
More than 300,000 Hispanic-owned employer businesses employ about 3 million workers, with an annual payroll exceeding $100 billion.
New businesses owned by Latinos accounted for 36% of launches in 2023, according to a new analysis of Census Bureau data.
In the 2023 fiscal year, Hispanic-owned businesses received 8.5% of SBA 7(a) loan funds and 10.3% of 504 loan proceeds, reflecting ongoing challenges in securing financing.
California had the largest number of Hispanic-owned firms (88,920), but not the largest share (about 11.8%) of that state’s 750,821 employer firms.
According to a recent study by Stanford University, over the past 10 years the number of Latino business owners grew 34%, compared to 1% for all business owners in the U.S.
Benefits Of Hispanic and Latino Business Grants
Grants for Asian American businesses offer multiple benefits for the growth and success of your enterprise.
Here are some key benefits of business grants:
No Repayment Required: Unlike loans, grants do not need to be repaid. This means businesses can utilize the funds without worrying about interest rates or debt accumulation, freeing them to focus on growth and development.
Access to Capital: Grants provide essential capital that can be used for various purposes, including marketing, hiring, purchasing equipment, and expanding facilities. This type of financial boost can be a game-changer for small businesses looking to scale.
Economic Development: Grants aim to stimulate local economies by supporting businesses that create jobs and contribute to community well-being. By securing a grant, your business can actively participate in regional development initiatives, contributing to the growth and prosperity of your community.
Recognition and Credibility: Receiving a grant can positively impact your business's reputation, signaling to customers, employers, and partners that the company is credible and worthy of support.
Types of Hispanic and Latino Owned Businesses That Can Qualify for Grants
Hispanic and Latino entrepreneurs have access to a wide range of grant opportunities, for various industries and business types. At American Funding Group, we help businesses across all sectors navigate the grant application process. Here are just a few examples of businesses that can qualify for grants:
Restaurants: Latino-owned restaurants are eligible for a variety of business grants, ranging from local to nationwide. These funds can be directed towards initiatives like menu innovation, marketing efforts, equipment upgrades, and staff training programs.
Construction: Hispanic business owners are becoming a dominant force in the construction industry in California, Texas, and Florida, where population growth has been substantial. Business grants can be particularly helpful in the construction industry by providing valuable funding for equipment purchases, workforce training, technology upgrades, and project start-up costs, enabling companies to expand their capabilities and take on larger projects without incurring debt.
Transportation and Warehousing: This industry covers a wide range of services, including trucking, logistics, warehousing, and distribution centers. Hispanic business grants in the transportation and warehousing industry can be used for initiatives such as fleet modernization, implementing advanced logistics software, adopting clean energy technologies, improving safety protocols, expanding warehouse automation, and investing in workforce training programs.
Child Care: Business grants can significantly aid Latino childcare business owners by providing essential funding for start-up costs, facility improvements, and workforce training, allowing them to improve the quality of care and expand their services. These grants can also be used to support marketing efforts and operational efficiency, helping to create sustainable businesses that effectively serve their communities.
Financial Services: Business grants can really help financial service companies by giving them the funds they need for tech upgrades, compliance costs, and staff training. Plus, Hispanic business grants support innovation and marketing efforts, allowing companies to grow without the stress of taking on debt.
Small Business Grant Options For Hispanic and Latino Entrepreneurs: Receive Free Money For Your Business
Our database contains hundreds of grant opportunities for Hispanic- and Latino- owned businesses. Below are just some of the many grants available to businesses like yours:
Creciendo Con TikTok Small Business Grants: A $150,000 grant fund offering $5,000 grants to 30 Latinx small businesses in the U.S., in partnership with TikTok and the Hispanic Heritage Foundation.
Digitalundivided BIG Accelerator Program: A pre-accelerator program designed for high-potential Black and Latinx women-led startups, providing resources and support for growth.
ELEVATE TOGETHER Initiative: A nonprofit initiative aimed at addressing systemic discrimination and supporting the growth of Black and Hispanic-owned businesses through various resources.
Latino Entrepreneurship Fund: This fund invests in Latino entrepreneurs to promote economic mobility and support business development.
PepsiCo Foundation Hispanic Business Program: Offers $10,000 grants to 150 Hispanic-owned food and beverage businesses in select cities across the United States.
Minority Business Development Agency (MBDA) Grants: A federal agency providing various grant opportunities dedicated to supporting minority-owned businesses, including those owned by Hispanics.
USDA Rural Business Grants: Grants available for Hispanic businesses located in rural areas, aimed at projects that benefit rural communities.
FedEx Small Business Grant Contest: An annual contest awarding grants up to $50,000 to small businesses, open to all including Hispanic-owned enterprises.
Comcast RISE: Offers grants, marketing services, and technology upgrades to small businesses owned by people of color, including Hispanic entrepreneurs.
USHCC-Wells Fargo Chamber Grants: The U.S. Hispanic Chamber of Commerce, in partnership with Wells Fargo, provides grants ranging from $5,000 to $15,000 to qualified local chambers and Hispanic business organizations.
Latino Economic Development Center (LEDC): Offers various financial products and services, including some grant opportunities, to support Latino-owned businesses.
The Entrepreneurial Spirit Fund by SIA Scotch: Provides grants to entrepreneurs of color, including Hispanic business owners, to help fuel their growth and success.
Requirements for Hispanic and Latino Entrepreneurs Applying For Business Grants:
Applying for business grants as an Asian American entrepreneur involves several key requirements and steps to ensure your application is competitive. At American Funding Group, we have streamlined the requirements to create a straightforward application process for you:
» You must be a business owner in the United States
» You must have an active LLC, S-Corp, or S-Corp and an Employer Identification Number (EIN)
» You will be able to fill out one form with American Funding Group and answer 30+ questions to be paired with our best grant.
State-Specific Grants for Hispanic- and Latino- Owned Businesses
Business grants are available for Hispanic and Latino entrepreneurs from every state. Some grants are county-specific, supporting the goals of local communities and economic development. Other grants are available regardless of the county or state in which your business is located. We have helped entrepreneurs from all over the country apply for grants and obtain funding:
Alabama
Alaska
Arizona
Arkansas
Colorado
Connecticut
Delaware
Hawaii
Idaho
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
American Funding Group Helps Hispanic- and Latino- Owned Businesses Obtain Grants and Funding
Navigating grant applications can be daunting, especially for busy entrepreneurs managing various tasks. At American Funding Group, we specialize in helping business owners identify and secure the necessary grants to support their growth and success.
Here's how we support minority business owners through the process:
✓ You fill out a single application form on our website.
✓ Our system searches 7,000 grants
✓ Auto-apply for grants every month with our portal
✓ Grants are provided and distributed by private and federally-funded institutions listed on:
https://a4cb.org/services/grants
https://www.decaturedc.com/b2b
✓ The average approval rate for obtaining a grant is 30% to 40%.
✓ Once your grant is approved, it may take the grantor who approved it 30 to 90 days to distribute the funds to you.
Apply For Grant Funding Today
Hispanic and Latino business grants offer a valuable chance to secure the funding needed for growth and success. Whether launching a new venture, expanding an existing one, or seeking specialized support as a minority entrepreneur, various grant programs are available to help achieve these goals.
At American Funding Group, we streamline the grant application process for you, so you can secure funding and take your business to the next level. Tap into your business's potential with American Funding Group and take the first step to apply for a business grant today.
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