The nation's largest network of volunteer, expert business mentors is committed to helping Hispanic-owned small businesses launch, grow and thrive.
WASHINGTON, Sept. 10, 2024 -- More than 2.9 million Americans are employed by Hispanic-owned businesses, according to the U.S. Small Business Administration (SBA). SCORE, a resource partner of the SBA, provides free mentoring and resources to support this crucial component of the U.S. economy. As Hispanic Heritage Month begins on Sept. 15, SCORE encourages Hispanic entrepreneurs to work with a mentor to grow their small business.
How mentoring helps
Unfortunately, 20% of businesses fail in their first year and 50% fail in their first five years; but guidance from an experienced business mentor can make a huge difference. In fact, entrepreneurs who receive three or more hours of mentoring report higher revenues and increased business growth. Taking the time to work with an expert who has "been there and done that" can help those launching a business avoid common pitfalls and increase their chances of being successful.
"SCORE played a pivotal role in VOLTA ion's journey," said SCORE client Chris Rourk, owner of manufacturing company VOLTA ion in Miami, Fla. "My SCORE mentor, Mark, guided me through rewriting our business plan during COVID, liaising with banks to secure our first loan, and providing invaluable advice through their extensive network of experts."
Resources for Hispanic entrepreneurs
On Wednesday, Sept. 25, SCORE will host a free webinar, "Loans, Grants and Other Funding Options for Hispanic-Owned Businesses." Attendees will learn about financing options available to Hispanic entrepreneurs, as well as how to determine which option is right for their business. Register for the webinar here. Learn more about how SCORE helps Hispanic-owned businesses in the Resources for Hispanic Entrepreneurs hub on SCORE.org.
Making a difference
SCORE mentors know from experience how difficult it is to run a business, which is why they volunteer their time and expertise to support entrepreneurs at any stage of their business journey. "Helping small business owners navigate challenges and grow their businesses is incredibly rewarding, especially when I see the impact it has on their families and neighborhoods," said SCORE mentor Yorkenia Gomez. "It's fulfilling to share my experience and knowledge, knowing that I'm contributing to someone else's success and empowering them to achieve their dreams. Working with clients who may face language barriers or cultural differences is particularly meaningful to me, as I can offer support that resonates with their unique experiences and challenges."
Looking for a mentor for your small business? Learn more and request one today at score.org.
About SCORE:
Since 1964, SCORE has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE's 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories. Visit SCORE at www.score.org.
Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.
SOURCE:
https://advocacy.sba.gov/2023/09/26/facts-about-small-business-hispanic-ownership-statistics/
CONTACT:
SCORE
202-968-6428
media@score.org
Looking for a small business expert or owner for an upcoming media story? Email media@score.org to request an interview source.
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