Monday, July 15, 2019 | Updated at 11:04 PM ET

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Latino Small Business

This week is National Small Business Week, and in celebration, the U.S. Small Business Administration (SBA) launched the third annual round of its Growth Accelerator Fund competition to award accelerators and startup ecosystems that empower aspiring startups.

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This week is National Small Business Week, celebrating an important and growing segment of the U.S. economy, especially when it comes to Latinos who are starting up enterprises faster than the national average.

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The beginning of May marks the start of National Small Business Week this year, and just in time comes the 2016 list of the best and worst places in America for Latino entrepreneurs to start up their enterprises. Where should you start building your dream?

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For many entrepreneurs just starting out with a small business, one of the largest challenges to growth is financing: It’s difficult to find the money your business needs from traditional lenders if you have little or no credit history.

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Business is booming for Latino entrepreneurs, especially in Southern California, where the growth in the number of Hispanic-owned businesses (HOBs) has bloomed despite the recession and tough economic recovery. But revenues for those enterprises haven't grown at the same pace.

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As Congress is rounding out its session for 2015, all signs point to a bipartisan agreement in both houses to permanently prevent state and local taxes on Internet service.

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There is a wave of Latino entrepreneurship sweeping across the country. But as the Stanford Latino Entrepreneurship Initiative recently found, that wave isn't cresting as high as it could, because while Latinos are starting businesses at an increasingly fast rate, many of those businesses don't grow past the initial phases.

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Funding and growth remains a big challenge for Latino businesses, from hi-tech startups to the mom and pop restaurant on the corner. One startup founded by two Harvard Business school students, who are also twin brothers, aims to pin its own by growth on helping small Latino businesses reach their full potential.

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