State of Latino Entrepreneurship Research Report shows Strength of Latino Owned Companies, Challenges Accessing Capital, Larger Reliance on Personal Funds – Yahoo Finance
Seventh annual forum presents data on business practices, growth opportunities, and continued challenges for U.S. Latino entrepreneurs.
STANFORD, Calif., Jan. 25, 2022 /PRNewswire-PRWeb/ — Latino Business Action Network (LBAN), in collaboration with the Stanford Latino Entrepreneurship Initiative (SLEI) at Stanford Graduate School of Business (GSB), recently completed the State of Latino Entrepreneurship Research Report (SOLE), which found that Latino-owned businesses are more likely to be asked for collateral when securing funding despite having similar credit characteristics as white-owned employer firms.
"Our previous research has shown that Latinos are creating companies faster than all other groups. Our goal with this research is to identify opportunities and challenges and use real data to build programs, start conversations and find solutions," said Arturo Cazares, CEO, LBAN.
LBAN will present key findings and trends at the SOLE Forum Jan. 28, virtually. The 2021 SOLE Report examines survey data from 15,000 business owners – including 7,500 Latino-owned employer businesses and 7,500 Non-Latino, White-owned employer businesses. Among its findings, the report shows Latinos were more likely to tap into their personal savings, max out credit cards and take out home equity loans to weather the pandemic. This use of multiple debt sources creates greater risk for the Latino entrepreneurship community.
Wells Fargo, a longtime supporter of LBAN, continues to fund research and other programs empowering Latino entrepreneurship in the U.S. "We are committed to enabling entrepreneurship across all sectors of the economy. Working with LBAN over the years has allowed us to better understand the challenges Latino entrepreneurs face and help accelerate opportunities for these businesses to grow," said Jenny Flores, head of small business growth philanthropy at Wells Fargo.
According to the report, business owners are optimistic about their ability to rebound post-pandemic, and PPP funding provided a greater lifeline for Latino-owned businesses despite challenges accessing it. During the forum, a panel of Latino entrepreneurs will discuss COVID-19's continued impact. Other topics include technology, proactivity, the quality of jobs created by Latinos, and financial viability of Latino-owned businesses in the U.S. The presentation will be on the record. To confirm attendance and schedule interviews, register as media. The SOLE report, in its entirety, will be provided by request.
About Latino Business Action Network
LBAN works to make America stronger by empowering Latino entrepreneurs to grow large businesses through entrepreneurship research, education, and networks. Victor Arias, Jr. is Chairman of the Board, Professor Jerry I. Porras, Chairman Emeritus, and Arturo Cazares, CEO. Learn more: http://www.lban.us
About Stanford Latino Entrepreneurship Initiative Research Program
SLEI operates a research program that explores and expands knowledge of the Latino entrepreneurial segment of the U.S. economy through research, knowledge dissemination, and facilitated collaboration. The program, jointly supported by LBAN and Stanford GSB's Center for Entrepreneurial Studies, conducts an annual national survey to assess the current state of U.S. Latino entrepreneurship and is curating a significant panel of Latino entrepreneurs to enable longitudinal research to understand trends over time.
About Stanford Latino Entrepreneurship Education Scaling Program
SLEI also operates an education program (SLEI-Ed) as a collaboration between Stanford GSB Executive Education and LBAN. It is an opportunity designed for U.S. Latino business owners who generate more than $1 million in annual gross revenues or have raised at least $500,000 of external funding. This eight-week immersive program provides business owners with education, enhanced networks, personal mentorship, and a better understanding of accessing and managing capital to scale their businesses. The program has almost 900 SLEI-Ed Alumni from 39 states and Puerto Rico who collectively generate over $5.4 billion in annual gross
Media Contact
Meghan Snyder, GVC Strategies, LLC, 202 393 2935, meghan@gvcstrategies.com
SOURCE Latino Business Action Network
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