Latinos are currently the fastest-growing minority in the United States, and they continue to open new businesses. Of course, Latina women are also protagonists of this, even those who still do not have a social security number and all thanks to ITIN loans. The United States is a country with enough opportunities for Latina women to take advantage of it and grow commercially.
How hard is it for them?
The first obstacle for an immigrant who wants to open a business in the United States is not having the required papers to make his company official. For this reason, a large part of Latina women starts their businesses using their personal savings.
Applying for a loan in a bank becomes complicated when you do not have the necessary legal requirements, but fortunately, there are many financial entities and organizations willing to provide ITIN loans for these entrepreneurs. ITIN loans do not require a social security number, so they are more flexible and accessible for minorities.
On the other hand, the language also represents another difficulty. This does not mean that by not mastering the English language, they cannot start their business. Sure they can. It is just that for legal matters and to reach a much wider audience, speaking English could be very beneficial.
Why is it important to make them more visible?
Believing that Latina women in the United States cannot have their own business is a big mistake. Of course, they can do it and they also need the support of the community, not just Latinos but women and people in general. By making these women’s success stories visible, others will be inspired to take the same risks and challenges.
A great way to contribute to the businesses of Latina women is to intentionally buy their products, learn about what they are doing and undertaking, and prioritize all those products and businesses that they are creating. While the United States is full of opportunities, it is also full of competition. This part can intimidate Latina women who want to start their business, but feeling the support of their community can encourage them to take risks.
What has changed to help them more?
Another positive point to consider is that currently, there is much help for those Latina women with businesses. We are not only talking about ITIN loans, but there are organizations and financial entities that specifically want to support women’s businesses in different ways.
Obtaining financing for a business is always a difficult task that requires a lot of patience and effort, but it is not the only way to get help growing a business. There are also alternative resources such as programs, training, and mentoring dedicated to teaching these women how to properly manage their finances and optimize their businesses.
Currently, the general public is also more aware of the challenges faced by a Latina woman when starting a business in the United States, and for this reason, people are willing to support these projects.
Tips for growing your business
- Inquire about what types of alternative resources are in your city or at your fingertips.
- Form alliances with other women’s businesses to organize collaborations or bazaars between you. So they can share the community and clients of each one.
- Be very patient and persistent. There will be bad days where you want to give up, but do not lose sight of your goals and with effort, you will achieve what you want.
- Prepare a business plan and get ready to apply for loans.
- Perfect your English in case you haven’t fully mastered it yet.
All businesses need hard work to grow. Although the circumstances are complicated, remember that there are many types of resources that you can use and take advantage of to consolidate your business and make yourself known in the market. Go ahead and work hard!