As Hispanics become more involved in American society, many are launching their business dreams by opening small businesses and franchises. They face the same problem that all American entrepreneurs face at the moment: how to receive the money that will get the business off the ground.
The News and Observer newspaper ran an interesting story recently about a novel solution of many Latino entrepreneurs. They’re turning to credit unions small banks for microloans. The paper tells the story of entrepreneur Christian Ruiz, who has started his own Jani-King business with the help of a $6,000 loan from La Cooperativa Latina de Crédita.
We hear so much about the struggles from franchisees to get funding. While immigration is a very divisive subject, it is undeniable that people flock to America with the hope of finding work and making money. These loan programs facilitate that entrepreneurial spirit.
So while it’s exciting to see a new business class emerging, other entrepreneurs should also keep in mind that with a bit of creativity, business funding can be attained.