Useful Tools and Sources Latino Entrepreneurs Can Use to Rebuild Businesses

Latino small business owners or entrepreneurs are hardy hit by global pandemic. But there are essential tools and sources of funding that can be utilized to rebuild their businesses.

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Latino Entrepreneurs Amid the Pandemic

Latinos opened more small businesses in 2020 or before the pandemic began in the country. This is also supported by data from the Pew Research Center. The center said that Latinos either own or open more small businesses across the country compared to other minority groups.

Read also: Latino-owned Businesses are Growing at a Fast Pace as Hispanic population in the US increases

However, Latin entrepreneurs were hardly hit by the global pandemic and forced most of them to shut down their operations. While others managed to survive by shifting their businesses through deliveries and take-out orders.

Another challenge that adds up to the problem of Latino entrepreneurs is that they were not able to access the same rate of Paycheck Protection Program compared to other small business owners in the country under the CARES Act.

Despite these challenges and problems, you do not have to worry if you are a Latino owning a small business in the country. There are essential tools, support, and sources of funding that one can utilize to rebuild their business.

Read also: More Latino-Owned Businesses Continue to Suffer Due to Coronavirus Pandemic 

Here are the following guides to help you thrive in your business amid the pandemic, according to CNBC.

1. Social Media and Digital Tools

In this time of the global pandemic, the best way to sell your products is through the use of social media and other digital tools. This became a trend not only in the country but across the globe. The global pandemic has opened doors as well to different ways of online selling.

The use of social media and digital tools is a cost-effective way to market your business strengthen customer relationships, and sell through new channels. Additionally, social media is a tool to help level the playing field and grow your business during good and challenging times.

2. Business Accelerators

This is also very important for Latino entrepreneurs who continually struggle to survive amid the pandemic. Start-up accelerators can help early-stage entrepreneurs find training, mentorship, resources, and potential funding for their new ventures.

Some of them focused exclusively on Latino-owned start-ups and can be found in metro areas across the U.S. and this includes the following:

• EmprendeLatino- based in Albuquerque, New Mexico
• The Rutgers Black and Latino Tech Initiative- based in New Jersey
• The Latino NonProfit Accelerator, with national reach
• The Manos Accelerator, focused on tech start-ups in Silicon Valley

3. Networking and Support Groups

Latino small business owners enjoy different local and national support from organizations that focus to help Latino and Hispanic entrepreneurs to find the resources they need to succeed.

Most major cities have a Hispanic Chamber of Commerce that can help entrepreneurs access local support. This is more evident in heavily-populated cities like Miami.

Meanwhile, the following are the groups that support Latino and Hispanic small business owners or entrepreneurs at the national level:

• The U.S. Hispanic Chamber of Commerce- The group promotes the interests and development of 4.37 million Latino-owned businesses in the United States through a variety of programs.
• The Latino Business Action Network- The group promotes entrepreneurship.
• The Latino Economic Development Center- The group promotes the interests of Latino small business owners in the Mid-Atlantic region.