Close Menu
Read Us 24×7
    What's Hot
    DeSean Jackson to retire as a Philadelphia Eagle on Friday

    DeSean Jackson to retire as a Philadelphia Eagle on Friday

    November 29, 2023
    Sticky Vicky: Benidorm's Legendary Entertainer's Passing at 80

    Sticky Vicky: Benidorm’s Legendary Entertainer’s Passing at 80

    November 29, 2023
    Knicks' Isaiah Hartenstein

    Knicks’ Isaiah Hartenstein Is The Best Backup Big Man In The NBA

    November 29, 2023
    Facebook X (Twitter) Instagram Pinterest LinkedIn
    Trending
    • DeSean Jackson to retire as a Philadelphia Eagle on Friday
    • Sticky Vicky: Benidorm’s Legendary Entertainer’s Passing at 80
    • Knicks’ Isaiah Hartenstein Is The Best Backup Big Man In The NBA
    • How to Defeat Jinx in Super Mario Rpg? Jinx in Super Mario RPG
    • How to find Harvester Orbs locations in Modern Warfare 3 Easily?
    • Alex Crowley Missing: What Happened to Alex Crowley? Revealed!
    • Home and Away Twist: Spoilers Drop Shocking Clues About Remi’s Future
    • Cynthia Nixon Participates In Hunger Strike for cease-fire in Gaza
    Facebook X (Twitter) Instagram Pinterest LinkedIn
    Read Us 24×7
    • Home
    • Technology
      TikTok Owner ByteDance Considers Selling Gaming Unit Moonton

      TikTok Owner ByteDance Considers Selling Gaming Unit Moonton

      November 29, 2023
      New ChatGPT-like AI Tool Mirrors Doctors’ Notes with Unbelievable Precision

      New ChatGPT-like AI Tool Mirrors Doctors’ Notes with Unbelievable Precision

      November 29, 2023
      OnePlus 12 To Bring Most Awaited Wireless Charging Feature

      Rumor: OnePlus 12 To Bring Most Awaited Wireless Charging Feature

      November 29, 2023
      Maximizing Upselling and Cross-selling Opportunities in a Call Center

      Unlocking Success: Maximizing Upselling and Cross-selling Opportunities in a Call Center

      November 29, 2023
      Google Docs Voice Typing

      Write Faster, Write Smarter with Google Docs Voice Typing

      November 28, 2023
    • Business
      Loans

      Bridging Gaps: How Loans Provide Instant Financial Relief

      November 29, 2023
      Staffing Agencies in San Antonio

      Finding the Perfect Fit: Staffing Agencies in San Antonio

      November 27, 2023
      Will There Be A Recession In 2024

      Will There Be A Recession In 2024? (The Shocking Truth)

      November 24, 2023
      Financial Twists

      Money Matters: Responding Effectively to Short-Term Financial Twists

      November 24, 2023
      Forex markets

      Global Odyssey: Navigating Forex Markets Across the World

      November 18, 2023
    • Entertainment
      Home and Away spoilers

      Home and Away Twist: Spoilers Drop Shocking Clues About Remi’s Future

      November 29, 2023
      OnlyFans

      How Much Should You Charge Onlyfans?

      November 27, 2023
      Strongest Characters In Jujutsu Kaisen Anime

      11 Strongest Characters In Jujutsu Kaisen Anime (Till Now)

      November 24, 2023
      Toji Fushiguro vs Gojo

      Toji Fushiguro vs Gojo: Was Toji Fushiguro Killed By Gojo?

      November 24, 2023
      Sukuna Vs Rika

      Sukuna Vs Rika: Is Sukuna Stronger Than Rika?

      November 24, 2023
    • Lifestyle
    • Travel
    • Tech Q&A
    Read Us 24×7
    Home » Black & Latino Businesses: How Much Do They Bring To The Economy?
    Article Contributions Business

    Black & Latino Businesses: How Much Do They Bring To The Economy?

    Sayan DuttaBy Sayan DuttaFebruary 7, 2023Updated:May 9, 20234 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Reddit Email WhatsApp
    Black & Latino Businesses
    Share
    Facebook Twitter LinkedIn Pinterest Email Reddit WhatsApp

    There are about 1 million minority-owned businesses in the United States. That’s about 1 in every 5 businesses. That’s according to the 2019 Annual Business Survey by The U.S. Census Bureau. Blacks and Latinos own a respectable chunk of these businesses. Blacks and Latinos in the US chasing the American dream have defied hurdles on their path to establishing businesses whose impact on the economy cannot be understated. Whether it’s the generation of revenue, employment opportunities, and taxes, Blacks and Latinos have made a remarkable contribution. They’ve been resilient in an environment that’s speckled with discriminative tendencies, especially when accessing small business loans. We’ll dig into the figures that show the contribution of Black and Latino businesses t the economy. We’ll further explore new financial possibilities for minority-owned businesses to support and expand their business operations

    The Contribution of Black and Latino Businesses to the Economy

    Black and Latino-owned businesses are a powerful force that’s supercharging the US economy, particularly in growing small businesses.

    Latino-Owned Businesses

    Latino businesses have been pumping humongous figures annually into the American economy and continue to grow. As of 2108, Hispanics owned about 331,625 businesses representing 5.8% of all business firms in the US. These firms generated annual sales of about $456 billion, with a workforce of about 3 million. The salaries of their employees hit over 100 billion annually. Considering that Latinos make up 18% of the US population that’s projected to grow to 30% by 2050, theirs is a huge contribution. There has been a growth of about 3% in Latino-owned businesses between 2017 and 2018 with revenues skydiving by over 50% from 2017 up to 2020. Unfortunately, the entrepreneurial spirit and the massive growth trajectory have been dampened by the coronavirus pandemic. They need support to bounce back and continue to make a contribution to the economy. Latino-owned businesses provide employment opportunities, support their communities, and make a tremendous contribution by payment of taxes.

    Black-Owned Businesses

    Black-owned businesses have continued to grow and contribute immensely to the US economy in terms of revenues generated, job creation, and payment of taxes. Blacks constitute about 14.2% of US residents and own about 124,551 businesses. Close to one-third of their businesses are in the Healthcare and Social Assistance industry. The number of black-owned businesses with employees grew by a third from 2002 to 2017. Despite the promising growth of Black-owned businesses, they continue to experience a challenge in accessing small business loans to support their businesses. Supporting Black-owned firms should be more than an online trend. Adopt it to grow these businesses so that they have a greater impact on the economy by creating more jobs, and generational wealth. Unfortunately, the coronavirus pandemic has worked to disproportionately slow down the steady growth momentum of these businesses.

    New Financing Possibilities for Minority-Owned Businesses

    Latinos, Blacks, and other minority-owned businesses can look beyond the traditional financing model that’s created a racial wealth gap through discriminatory lending practices. Here are some options that these businesses can consider.

    1. Fintech Companies

    Several fintech companies have stepped up to fill the racial disparity in accessing capital by offering digital loans. These companies offer loans to minority-owned businesses that may not meet the eligibility criteria of conventional banks. Examples: Camino Financial, Remitly, CNote, Chime, Gig Wage

    2. Crowdfunding

    Minority-owned businesses can obtain funding by pitching their loan requests on popular crowdsourcing platforms. To up your chances of success, make a compelling pitch with a persuasive justification for your funding need. Then market it aggressively on social media platforms. Examples: Kickstarter, IndieGoGo, GoFundMe, and Fundable.

    3. SBA Loans

    The SBA assists small businesses to access loans from commercial financiers by giving a government guarantee on the loans. The SBA guarantees up to 85% f the loan should the borrower be unable to repay the loan.

    Conclusion

    Black and Latino businesses have significantly contributed to the economy by generating revenues, jobs, and paying taxes. These businesses continue to grow despite hurdles and challenges of discrimination in accessing funding. You’re advised to explore new financing possibilities to obtain small business loans through fintech companies, crowdfunding, or government-guaranteed SBA loans.

    business
    Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
    Previous ArticleLearn All About Avast Bank Mode: Is It Safe? -Experts Guide 2023
    Next Article Why Avast isn’t Opening on Windows 10 and How to Fix it
    Sayan Dutta
    • Website
    • Facebook
    • X (Twitter)
    • Pinterest
    • Instagram
    • LinkedIn

    I am glad you came over here. So, you want to know a little bit about me. I am a passionate digital marketer, blogger, and engineer. I have knowledge & experience in search engine optimization, digital analytics, google algorithms, and many other things.

    Related Posts

    Loans
    Business

    Bridging Gaps: How Loans Provide Instant Financial Relief

    November 29, 2023
    Staffing Agencies in San Antonio
    Business

    Finding the Perfect Fit: Staffing Agencies in San Antonio

    November 27, 2023
    Will There Be A Recession In 2024
    Business

    Will There Be A Recession In 2024? (The Shocking Truth)

    November 24, 2023

    Table of Contents

    • The Contribution of Black and Latino Businesses to the Economy
      • Latino-Owned Businesses
      • Black-Owned Businesses
    • New Financing Possibilities for Minority-Owned Businesses
      • 1. Fintech Companies
      • 2. Crowdfunding
      • 3. SBA Loans
    • Conclusion

    Top Posts

    DeSean Jackson to retire as a Philadelphia Eagle on Friday

    DeSean Jackson to retire as a Philadelphia Eagle on Friday

    November 29, 2023
    Sticky Vicky: Benidorm's Legendary Entertainer's Passing at 80

    Sticky Vicky: Benidorm’s Legendary Entertainer’s Passing at 80

    November 29, 2023
    Knicks' Isaiah Hartenstein

    Knicks’ Isaiah Hartenstein Is The Best Backup Big Man In The NBA

    November 29, 2023
    How to Defeat Jinx in Super Mario Rpg

    How to Defeat Jinx in Super Mario Rpg? Jinx in Super Mario RPG

    November 29, 2023
    Popular in Social Media
    WhatsApp’s “View Once” Feature is Back for Desktop Users

    WhatsApp’s “View Once” Feature is Back for Desktop Users

    November 28, 2023
    Nasty Phishing Scam is Circling Facebook and TikTok

    Beware! Nasty Phishing Scam is Circling Facebook and TikTok

    November 22, 2023
    Invite Collaborator Instagram Not Showing

    Fix ‘Invite Collaborator Instagram Not Showing’ Issue [2023]

    November 9, 2023
    New in Health
    Mistyinfo.com Health

    Mistyinfo.com Health: Your Passport to a Healthier and Happier You in 2023

    November 17, 2023
    WellHealth

    WellHealth How to Build Muscle Tag? (Explained)

    November 17, 2023
    Wellhealthorganic Vitamin B12

    Wellhealthorganic Vitamin B12: The Diversified Benefits Revealed

    November 17, 2023

    google news

    google-play-badge

    Protected by Copyscape

    DMCA.com Protection Status

    Facebook X (Twitter) Instagram Pinterest
    • Terms of Service
    • Privacy Policy
    • Contact Us
    • About
    • Sitemap
    • Write For Us
    • Submit Press Release
    Copyright © 2023 - Read Us 24x7

    Type above and press Enter to search. Press Esc to cancel.