Treasury, has historically played an important role in ensuring minority-owned businesses receive financial and lending support. The Community Development Financial Institutions (CDFI) Fund, part of the U.S. Community Development Financial Institutions Fund ![]() BCF’s set-aside capital focuses on helping MBEs that directly support corporate or government supply chains and that have been operating for at least three years. ![]() In September 2022, the Business Consortium Fund (BCF) announced its launch of funding options specifically for minority business enterprises (MBEs). These collaborations help BCF to effectively support small businesses and contribute to their growth and success. As of 2022, BCF has added over $5.8 million in new funding options. Business Consortium FundīCF provides a range of loan programs and consulting services, made possible through its strategic partnerships - including the NMSDC network, comprising 23 affiliated regional councils. Accion Opportunity Fund also offers mentorship programs and services in English and Spanish to better help its customers. Available small business loans range from $5,000 to $150,000 with interest rates as low as 5.99%. Over 90% of Accion Opportunity Fund’s clientele base consists of women, people of color, and low-to-moderate-income individuals. With over 25 years of experience behind them, Accion Network and Opportunity Fund merged in 2020 to create the Accion Opportunity Fund, providing a unified resource for small business owners. Though appearing to be a relatively new entity, the Accion Opportunity Fund has a history of financially supporting minority-owned businesses. In response to this lack of funding access, multiple organizations and government agencies have been set up to help Hispanic and minority business owners with loans, grants, and other financing options. Despite being the fastest-growing demographic among businesses, however, the funding to help support these entrepreneurs remains sparse. In fact, Hispanic-owned companies grew 8.2% from 2019 to 2020 - proving that, as the United States becomes more diverse, so does the landscape of business ownership.Īpproximately 20% of businesses in the United States are owned by minorities, with Hispanic-owned businesses leading the way. ![]() The number of Hispanic-owned businesses in the United States has grown 34% in the last 10 years, contributing more than $500 million to the economy. One of the fastest-growing demographic among entrepreneurs in the U.S., Hispanic founders made up 6.5% of all entrepreneurs in 2001 and now make up 15% of that group as of 2019.
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