Hispanic business owners play a prominent role in local communities

In pursuit of the American Dream, many Hispanic immigrants come to the United States with the goal of one day opening their own business. Children of immigrants are also often entrepreneurial and seek to start companies that positively influence their communities, even if they launch their enterprise with little startup funding. According to the Pacific Coast Business Times, Hispanics don't only represent a fast-growing segment of the population - they're also a rapidly expanding group of business owners. The source estimated there are 700,000 companies owned by Hispanics in California alone. 

Hispanics motivated to launch companies, but don't always have the resources 
Not only is this demographic interested in running a company, its members also have different reasons for opening businesses, according to a study sponsored by Massachusetts Mutual Life Insurance Company (MassMutual). The report indicated 89 percent of Hispanics want to own their own firms to provide for relatives, compared with 77 percent of the general population, while 54 percent of these individuals want to benefit their local community, as opposed to 21 percent of the general population. 

Even though they're eager to become entrepreneurs, many Hispanics struggle to get their companies off the ground and implement strong financial planning and cash management policies for the future. The MassMutual survey indicated 30 percent of Hispanic business owners claim they can barely keep up with current company expenses, let alone develop strategies for the future. Twenty-three percent aren't thinking about retirement, due to pressing financial problems, compared to only 16 percent of the overall population. This demographic may also struggle to receive business financing, due to insufficient knowledge - 18 percent of Hispanics are unsure of where to turn for financial help, while only 12 percent of all company owners said the same. 

Getting the right assistance can be critical 
Hispanic business owners, especially those who don't necessarily know how to obtain investment loans or are unfamiliar with SBA loans, may find it's easier and more helpful to work with a small or mid-sized local bank, as opposed to a large financial institution. As these entrepreneurs have different motives and goals for launching their businesses, they need unique and personalized business banking options that are tailored to their needs - and they're not likely to receive these services at the nation's largest banks. This makes small branches a stronger option for new entrepreneurs looking for financing or information on better small business banking options.

Getting Started

Find your ideal banker:

Select any filter and click on Apply to see results

Featured Insights

Global currency markets have been experiencing larger than normal swings of late and with greater frequency, CFOs...

Despite U.S. Federal Reserve Chair Janet Yellen earlier indicating every meeting of the Federal Open Market...

The U.S. economy experienced modest growth in the second quarter this year, with the U.S. Department of Commerce...

The city of Wilmington, Delaware, will be the home to a...

When it comes to market performance for investors, venture capital has staked its claim as the leader. According to...

Seeking out venture capital investment requires a careful attention to detail and a firm grasp of the underlying...

The complexity of transitioning to an Employee Stock Ownership Plan (ESOP) can be intimidating, says Elisabeth C....

Before a bank can help you identify products and services that can make your business run more efficiently, you need...

While some economists and market watchers are fretting over the way crowdfunding and super angels are upending the...

First-time entrepreneurs launching their initial startup company are no doubt overwhelmed by a huge variety of...

Recent News

08/21/15
Last week’s devaluation of the Chinese Renminbi has continued to keep the foreign...
07/28/15
The Euro opened the week stronger within an overall risk-off context climbing from...
07/24/15
Well things have slowed down a bit in the currency markets this week with the Greek...
07/17/15
Another exciting week in the foreign exchange markets comes to an end today with...
07/10/15
While nothing has ‘really’ changed with the Greek situation, plenty has happened...
07/02/15
If you happen to be growing tired of ‘Grease’ lyrical references, imagine how tired...
06/30/15
PHOENIX - Western Alliance Bancorporation (NYSE: WAL) today completed its merger...
06/26/15
In a fairly uneventful week in terms of economic data, the Greek situation was at...
05/21/15
Michael Hengl and Ryan Banta to lead new teams at Bridge Bank San Jose, CA – May 19...
05/19/15
San Jose, CA – May 19, 2015 – Bridge Capital Holdings (NASDAQ:BBNK), whose...

Twitter

Featured Insights

Featured Insight

Global currency markets have been experiencing larger than normal swings of late and with greater frequency, CFOs...

Featured Insight

The complexity of transitioning to an Employee Stock Ownership Plan (ESOP) can be intimidating, says Elisabeth C....

Featured Insight

Before a bank can help you identify products and services that can make your business run more efficiently, you need...

Recent News

Despite U.S. Federal Reserve Chair Janet Yellen earlier indicating every meeting of the Federal Open Market...

The U.S. economy experienced modest growth in the second quarter this year, with the U.S. Department of Commerce...

The city of Wilmington, Delaware, will be the home to a...

Twitter