It turns out that the United States is a home for many aliens of Hispanic origin. According to a report by the Census Bureau, approximately 55 million Hispanics, just about 17% of the whole nation’s population reside in the U.S. Moreover, there are over four million businesses owned by Hispanics throughout the U.S. What’s more, according to the United States Hispanic Chamber of Commerce, Hispanic-owned companies have recorded a notable boost in revenue amounting to more than $660 billion. And this is contributed to by the fact that entrepreneurs of Hispanic origin have been establishing businesses 15 times the country’s average […]

For the minority-owned business, it can be incredibly difficult to secure a traditional loan for various reasons. For example, discrimination against the owner’s credit score or the business’ location. If the business is part of an industry considered to be “high risk” by traditional lenders, it will even more difficult to secure the working capital needed. Just like any other business, without sufficient cash flow the minority-owned business will be unable to cover expenses, purchase inventory/equipment or fund growth and expansion. For this reason, many businesses turn to alternative lenders like First American Merchant. An alternative lender typically specializes in […]

The Census Bureau reports nearly 55 million Hispanics live in the United States, which represents almost 17% of the US population. The number of businesses owned by Hispanics throughout the country reaches over 4 million. The revenue raised by these businesses accounts for over $660 billion as Hispanic Chamber of Commerce states. Hispanic entrepreneurs have been starting businesses at a pace 15 times the national average over the past 10 years. Over 1/4 of the country’s Hispanic-owned businesses or 1.057.301 companies are found in the Census Bureau’s Pacific region ─ Alaska, California, Oregon, and Washington. The South Atlantic region represents […]

Some business owners use their own resources to finance their startups. Others need additional capital from an outside source. Modern lending landscape is constantly developing, and there are more financing options available to small-business owners nowadays than ever before. Today, non-bank online lenders offer more choices to business owners. It is important to evaluate the pricing, terms and rates offered by each lender and make the right decision. Below you can find the top things to take into account when evaluating lenders: Comprehensive Small Business Offerings Research and assess all the available options. Look for resources that will help you […]

Puerto Rico is a lovely place, but it is in the midst of a horrific financial crisis. If you are putting your business plans on hold, don’t! You can still open and operate a successful business, even when financial crises arise. Below are tips and tricks for operating a successful business in times of financial turmoil. Surround yourself with good people: People outlast problems usually, and having the right staff and mentor can help you keep your head up when times are tough. The wrong crowd can have you doubting your dream – which is something that you do not […]

In June, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act, or Promesa. The bill aims to help Puerto Rico restructure its debt and prevent the island from being sued for defaulting on bond payments. The Puerto Rico Oversight, Management, and Economic Stability Act President Barack Obama signed the bill into law. The bill was criticized and considered a form of colonialism. According to many members of Congress who voted for the bill and acknowledged its shortcomings, it was the best option for Puerto Rico. BMI Research also supports that view. Based on a BMI Research report, Promesa […]

Latino entrepreneurs submitted 18% more applications for small business loans in 2015. Latino business owners find it challenging to secure financing and are still behind in such factors as credit scores, operating expenses, annual revenue and age of business. The Financial Performance of Latino-owned Businesses Biz2Credit has recently analyzed the financial performance of over 1.000 Latino-owned businesses that have less than 250 employees and less than $10 million in annual revenues. According to this study: Average annual revenue for Latino-owned businesses was $68.540. For non-Latino-owned businesses, the amount was $70.641. Average operating expenses were accounted for $18.334. For non-Latino businesses, […]

Lack of resources can be a great challenge for many entrepreneurs trying to start their own business in Puerto Rico. To get enough capital to take your business off the ground, you should apply to a traditional loan provider or a modern payment processor to get the best for your business wants and needs. It may seem intimidating, but it is not impossible. Below you can find ways to fund your business, finance your startup or just grow: Direct Funder You can turn to a direct funder specializing in alternatives to small business loans. These companies can be characterized as […]

Business owners who need some extra cash flow or are looking for business funding to purchase inventory or make payroll should consider applying only to reliable payment processors in the field. Applying for a Business Loan If you have already applied at your local bank and didn’t get approval for a bank loan, there are other chances to try as well. You can get extra finances for your small business by turning to a reputable processor like First American Merchant, a secure provider of alternative funding solutions that offers everything in one easy place. The process is fast and simple. […]