Most Hispanic small businesses in the United States have started operations thanks to a family member or friend being able to provide them with a loan or financing to start the business.
Hispanics living in the United States
they face major challenges when they decide to start a business, from the lack of funding to the unfamiliarity with how to use tools to open a small business.
Hispanics are the population group that
is starting a business at a faster pace than the national average growing by more than 34% in recent years.
A report by Intuit QuickBooks “
Small Business Insights”reveals the main challenges faced by Hispanic business owners in the United States
Main challenges for Hispanic entrepreneurs:
1. Lack of financing:
The report indicates that
95% of Hispanic business owners say it is necessary to save your own money before starting a business in the United States. Since Hispanic entrepreneurs have faced a lack of loans and financing.
Close to
62% had to ask a family member or friend for a loan to start their business due to the difficulty of obtaining a traditional loan, however, they hope that in the future access to financing and obtaining external resources will become increasingly simple.
2. Limited knowledge of financial management
For most Hispanics, cashing checks, paying a bill, and paying taxes represent a challenge. According to the study, these procedures
still pose a major challenge for 74% of Hispanics who have started a business.ADVERTISEMENT
The cash flow review is not understood for the 69% among Hispanics. This process is essential for making decisions about a company's future, paying debts, or investing in new equipment.
3. Restricted use of banking services and credit cards
The study also reveals that only 25% of Hispanic-owned businesses in the United States have a corporate credit card, compared to 41% of non-Hispanic small businesses.
In addition, 51% of Hispanic small businesses have a business bank account, compared with 59% of other businesses.
Source: Rivera, R. (2021, August 14).
Hispanics in the United States: the most common challenges they face when starting a business. The Opinion.
https://laopinion.com/2021/08/13/hispanos-en-estados-unidos-los-retos-mas-comunes-que-enfrentan-al-iniciar-un-negocio/
English
