The small business community is still recovering from COVID-19, record-high inflation and broken supply chains that have stunted the growth of our economy. Key to this recovery is competent policy coupled with better access to financing. America's 4.6 million Hispanic-owned businesses contribute over $800 billion to the economy each year. Hispanics start new ventures at a rate of 3 to 1 when compared to the general market. However, Hispanics are largely underserved in the world of finance, especially when it comes to business and entrepreneurial funding. Despite faster revenue growth and comparable credit performance, less than 25% of Hispanic-owned businesses were approved for funding over $100,000 from traditional banks compared to 50% half of white-owned businesses. To ensure we can optimize our nation's potential for economic recovery and growth, we must ensure equal access to business funds for Hispanic businesses and entrepreneurs.

Fast Facts (Updated Jan. 2023):

• 70% of funding for hispanic businesses comes from personal accounts, compared to 6% from business loans.

• Loans for Hispanic firms averaged $47,000 versus $81,000 for non-hispanic firms.

• Despite unrivaled growth, Hispanics have 60% lower odds of receiving business loan approval.