The Biden administration doubled the amount of loans for Latino entrepreneurs

2024-08-15 22:26:31

The “American Dream” of many Latin immigrants is to settle in America, buy a house and have their own business. To achieve this, to a large extent, financing through loans is required. WE HAD There is incredibly good news for all Hispanic entrepreneurs: The Joe Biden administration has doubled the amount of loans provided to those who want to start a small business in the country.

Isabel Casillas Guzmán, manager and leader of Small Business Administration (SBA) confirm that The Biden administration doubled the amount of loans for Latino and women-owned small businesses.

“In the last four years, more entrepreneurs than ever in our history have embarked on the path marked by the ‘American dream’ of owning their own business, and the SBA is determined to give this great effort a boost. capital, access to the market and the resources that small businesses need to start, develop and improve,” commented President Guzmán.

Until now, The monthly average of loans for Latin entrepreneurs is 775 so far this year. This is more than double the monthly average recorded during 2020, which was 323 loans.

Speaking of sizes, The average amount borrowed is $261 million dollars per monthalso nearly double the total volume recorded in 2020.

“We know there is more to do, and the Biden-Harris administration is working to equalize opportunities for the innocent, while remaining unrelenting in our efforts to expand access to life and equity for all,” Guzmán said. .

The amount of monthly loans for Latinos is not negligible, if we consider that the Biden administration has reached a record of 19 million requests for opening new businesses in America. This translates to an average of 443,000 new applications every month over four years.

Approved loans for women entrepreneurs have also doubled in the last four years. Until now, The monthly average of loans to women in 2024 is 1,255almost double the monthly average of 643 loans granted in 2020. The total value of these loans reached $ 444 million, which corresponds to an increase of 66%, relative to the loan volume of 2020.

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