By Samuel Gonzalez
Aug 15, 2024, 6:13 PM EDT
The “American dream” of many Latino immigrants is to settle in the United States, buy a house and have their own business. To do so, to a large extent, they need financing through loans. And There is extraordinarily good news for all Hispanic entrepreneurs: Joe Biden’s administration has doubled the amount of loans it provides to those who want to start a small business in the country.
Isabel Casillas Guzmán, administrator and leader of the Small Business Administration (SBA) said that President Biden’s administration doubled the amount of loans for small businesses owned by Latinos and women.
“Over the past four years, more entrepreneurs than ever before in our history have embarked on the path to owning their own business, and the SBA is committed to providing this incredible wave of enthusiasm with the capital, market access and resources that small businesses need to start, grow and thrive,” said Administrator Guzman.
So far, The monthly average of loans for Latino entrepreneurs is 775 so far this yearThis is more than double the monthly average recorded during 2020, which was 323 loans.
Speaking of quantities, The average amount of money borrowed is $261 million per monthalso almost double the average volume recorded in 2020.
“We know there is more to do, and the Biden-Harris Administration is working to equalize opportunities for disadvantaged entrepreneurs, while we continue our efforts to expand access to opportunity and equity for all,” Guzmán said.
The amount of monthly loans for Latinos is not insignificant, if we take into account that the Biden government has reached a record of 19 million applications for opening new businesses in the United States. This means an average of 443,000 new applications each month over four years.
Loans approved for women entrepreneurs have also doubled in the last four years. So far, The average monthly loan to women in 2024 is 1,255almost double the monthly average of 643 loans granted in 2020. The average volume of these loans reaches $444 million dollars, which corresponds to an increase of 66%, in relation to the loan volume of 2020.
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