U.S.-based online lending platform Lendio announced on Monday its latest study revealed that Hispanic business owners are hungry for growth capital. The lender reported that the study, which included more than 5,000 of Lendio’s small business customers, reveals a spike in loan inquiries from Hispanic businesses this year.
The report also revealed the following:
- Inquiries for small business loans grew by 14% among Hispanic business owners versus 10% among non-Hispanic owners.
- The number of Hispanic business owners taking on loans increased by 8% versus 3% among non-Hispanic owners.
- The total dollar amount funded to Hispanic business owners grew by 23% versus 10% for non-Hispanic owners.
- The average loan amount for a Hispanic business owner increased 14% while the average for a non-Hispanic owner increased 8%.
Speaking about the report, Luis Salazar, President of Lendio North Florida, stated:
“Hispanic business owners are very hard working, but more importantly, good at creating opportunity. What has been inspiring among the Hispanic business owners I’ve had the pleasure of working with is the positive family-type culture they create within their businesses.”
Lendio then added:
“The study’s findings also show that Hispanic business owners seeking growth capital tend to be younger than their non-Hispanic counterparts. Fifty-five percent of Hispanic borrowers are younger than 45 years old, while 43% of non-Hispanic borrowers fall in that age group. The average age of Hispanic borrowers is 44, while the non-Hispanic borrowers’ average is 47. Common financing needs among Hispanic owners include equipment purchases and new business opportunities.”