Latina-Owned Business Increase 206 Percent Over 10 Years
The data show that Latina-owned businesses increased 206 percent from 1987 to 1996, the latest year for which official statistics are available, but observers said the numbers are still increasing rapidly. Still, the banking and business communities still regarded the Latina entrepreneur as a novelty rather than an economic force to be reckoned with, according to Sharon Hidary, executive director of the national foundation.
"So we did the study to give voice and visibility both to the accomplishments and the challenges faced by the Latina entrepreneur," explained Hidary.
Few know more about that double-edge sword of business entrepreneurship than Amanda Moreno. Twenty-nine years old and the owner of four businesses in the heart of a revitalized urban arts district here, Moreno relishes the success of her beauty shop, coffee house . Her businesses cater to both Latinos and non-Latinos. Yet, she grimaces when recalling the struggles she's had to endure.
"It wasn't easy opening up my businesses," said Moreno. "Banks and people in general didn't take me seriously. They just thought I was weird or crazy." That lack of support prompted Moreno to use her own savings and to turn to her family for help in funding the first of her businesses. A common practice among Latina entrepreneurs--and among women in general who have difficulty getting financing.
According to the survey, 55 percent of those interviewed did not borrow any capital to start up their businesses and 23 percent said they borrowed from family members.
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