Most Black and Spanish Businesses Are Open to Doing Business

These programs are very common in community and professional colleges like Hillsborough. Community colleges serve many students from unrepresented groups, says Martha Parham, vice president of the American Association of Community Colleges.

Previous Black Bowie State University, for example, opened a $ 42 million business school in August that includes student student residences and more than 500 student dormitories.

Some business educators say high schools should focus on helping existing Spanish businesses grow instead of promoting new businesses. Jerry Porras, an emerging professor at Stanford University for organizational behavior and change, is co-ordinating the Stanford Latino Entrepreneurial Initiative, which helps set up Puerto Rico businesses with a minimum of $ 1 million in size. Provides a a seven-week program about how to grow your business and provide mentors, connect with potential lenders (even if you have no credit or business guarantees), and connect to a network of businesses owned by Spanish people.

Businesses with about 800 alumni of the Stanford Latino Entrepreneurial Initiative have combined an annual budget of about $ 5 billion, more than 39,000 employees, and jobs in 31 states, Porras said.

Even the most experienced entrepreneurs face long-term challenges that do not go well over time. About one-third of new businesses failure within two years, half within five years, and two-thirds within 10 years, according to a US Small Business Administration analysis on new survival rates from 1994 to 2018.

Few businesses face additional challenges; on average, they have less family income and have less access to support, loans, and savings, and often serve more affluent areas than Western businesses.

Business plans can help them get loans, financing, and financing. Eighty-two percent of Spanish alumni of the Stanford program received SBA-backed Paycheck Protection Program loans within the epidemic, for example, where only 28 percent of whites are 18 percent of businesses owned by Puerto Rican people of the same size received credit, Stanford research shows.

The Hillsborough business program that Tiffany Bell attended attended and funded Bell and 25 other businesses over the past two years, including five Puerto Rican students, seven black students, and 14 female students, said Hillsborough professor Beth Kerly.

The traders share one thing: All are still in the game. Although they started the epidemic before or during the epidemic, the first 25 businesses are moving, and one has been sold, according to Andy Gold, another Hillsborough professor and former Wall Street salesman who leads the program with Kerly.

He said that “the indiscriminate teaching” was the key to such success.

Gold, Kerly, and a team of volunteer counselors accompany their students upon graduation. “Before we talk about your good reputation with your company, you should tell me what your monthly income is and how it compares to last month, year after year, as well as answering some financial questions,” Gold said. .

Family traditions lead some black and Spanish people to start their own businesses. Dewayne Kimble, 52, completed her business studies offered through Syracuse University’s Institute for Veterans and Military Families in partnership with Hillsborough Community College. After retiring from the Veterans Affairs department, Kimble, a black man, set up an anti-aging business with about 150 clients, he said.

Many of Kimble’s aunts and uncles from southeastern Missouri were merchants. He relates: “One of the brothers bought a bus, repaired it, and started delivering the buses. And another brother, an older sister, owned a women’s clothing boutique on the South Side of Chicago. ”

Black and Spanish entrepreneurs also start businesses that aim to give back to their communities. David Favela resigned from his job as global business manager at Hewlett Packard in 2018 to work full-time at the business he started in 2013, Border X Brewing in San Diego. Border X brews Mexican-themed beverages such as Blood Saison, a bright red liqueur, made from Mexican hibiscus tea, in three staff quarters in Puerto Rico, Southern California.

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