“Hispanic business owners are very hard working, but more importantly, good at creating opportunity."
SILICON SLOPES, Utah (PRWEB) September 30, 2019
A Lendio study of more than 5,000 of its small business customers reveals an uptick in loan inquiries from Hispanic-owned businesses in 2019. Additionally, the data shows that more Hispanic business owners are taking on loans, and in larger amounts than they have historically. The study also found they are outpacing their non-Hispanic counterparts when it comes to seeking growth capital.
Findings from the study are based on information provided by small business loan applications submitted through the Lendio platform from Q3 2018 through Q2 2019.
Key findings (based on growth over the previous three-quarter average):
- Inquiries for small business loans grew by 14% among Hispanic business owners versus 10% among non-Hispanic owners.
- The number of Hispanic business owners taking on loans increased by 8% versus 3% among non-Hispanic owners.
- The total dollar amount funded to Hispanic business owners grew by 23% versus 10% for non-Hispanic owners.
- The average loan amount for a Hispanic business owner increased 14% while the average for a non-Hispanic owner increased 8%.
“Hispanic business owners are very hard working, but more importantly, good at creating opportunity,” says Luis Salazar, President of Lendio North Florida. “What has been inspiring among the hispanic business owners I've had the pleasure of working with is the positive family type culture they create within their businesses.”
One such business owner is Jorge Villalobos. He immigrated from Colombia to the U.S. in 1999 and is now the owner of three small businesses in Gainesville, Florida: The Best Restoration, Gainesville Turnover Specialists and Area Rug Masters.
“I believe this is a country of opportunities—they are around every corner. You need to have your eyes open and your mind ready to seize them,” says Villalobos. “It is important for every business owner to ensure that you are providing a good service or product … but the most important thing is to be sure that you have your money sources established.”
The study’s findings also show that Hispanic business owners seeking growth capital tend to be younger than their non-Hispanic counterparts. Fifty-five percent of Hispanic borrowers are younger than 45 years old, while 43% of non-Hispanic borrowers fall in that age group. The average age of Hispanic borrowers is 44, while the non-Hispanic borrowers’ average is 47. Common financing needs among Hispanic owners include equipment purchases and new business opportunities.
Lendio is the nation’s largest marketplace for small business loans. Through more than $40 million in loans to Hispanic business owners in the last year, Lendio has facilitated financing for more than 2,200 Hispanic-owned businesses across the country. In total, Lendio has facilitated more than $1.5 billion in loans to U.S. small businesses, which in turn have generated an estimated $5 billion in gross economic output.
About Lendio
Lendio is a free online service that helps business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products, Lendio’s marketplace is the center of small business lending. Certified for three years running as a great workplace by the independent analysts at Great Place to Work®, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc. magazine’s Best Workplaces for 2019. For every new loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a microloan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio is available at http://www.lendio.com. Information about Lendio franchising opportunities can be found at http://www.lendiofranchise.
