Hispanic Heritage Month is celebrated annually from September 15-October 15 in the U.S. to recognize the contributions and influence of Hispanic Americans to the U.S. Among many areas, Hispanic Americans have and continue to shape the U.S. economy and culture through small business and entrepreneurship.
There are about 5 million Hispanic-owned businesses in the United States that contribute over $800 billion to the U.S. economy annually, according to the U.S. Small Business Administration. Moreover, about 25% of new businesses in the U.S. today are Latin-owned, and they are major drivers of job creation.
In saying this, funding can often be an obstacle for minority-owned businesses, particularly Hispanic-owned businesses. According to JPMorgan Chase, when Latinx entrepreneurs start a business, 70% of their funding comes from personal savings and 6% comes from commercial loans.
Hispanic-owned enterprises are less likely than non-Hispanic owned companies to be approved for large loans, particularly from larger banks. Rising Tide exists to bridge that gap and increase Hispanic-owned access to funding.
Here is a list of resources and funding opportunities for Hispanic-owned businesses:
- SCORE Hispanic Business Owners Hub
- Creciendo con TikTok Grant TikTok and the Hispanic Heritage Foundation have collaborated to introduce the Creciendo con TikTok grant program. This initiative aims to provide $5,000 cash awards to 40 Latinx small business owners. The grant fund totals $200,000, and applications are open until October 23, 2023. Applicants are required to have an active TikTok account and can choose between submitting short essays or TikTok videos as part of the application process to share their entrepreneurial journeys.
- CDFIs like Rising Tide Community Loan Fund that exist to provide new sources of capital to groups and areas that lack access to funding.