Latino entrepreneurs looking to Small Business Administration for capital ...Middle East

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Latino entrepreneurs looking to Small Business Administration for capital
The Biden administration has significantly expanded its loans to Latino-owned businesses, who face an uphill battle to obtain credit from traditional lenders. The Small Business Administration (SBA) in fiscal 2023 backed 7,746 loans to Latino businesses, amounting more than $3 billion, according to official figures obtained by The Hill. That’s up from an average of just over 5,000 loans to Latino businesses over the previous five fiscal years, including a pandemic dip in 2020 when the SBA only backed 3,877 such loans. While the SBA in 2006 backed a record 9,951 loans for Latino businesses, it only doled out about $1.3 billion that year. Dollar amounts for Latino business loans have ballo

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