When Covid-19 Had A Tight Grip on The Economy, Banks Denied Latino Businesses Necessary Support


Posted October 20, 2021 by Lattitude

Hispanic-American financial institutions stepped up and lend a helping hand

 
Surviving the global pandemic was a challenge for most businesses across the nation. While the government took many steps to lend a helping hand, this hand was often in the form of financial support from your trusted bank. That was of course if you were not of Latin descent. The number of challenges that Latinos must face in the workplace is often enough to leave them with a sense of being despondent. However, it is Latino entrepreneurs who often have an even harder time simply remaining afloat. These challenges are mostly due to the lack of necessary support, the kind of support open to non-Latino business owners but not to the members who belong to this rapidly growing minority group.

“We hear many stories of Latino entrepreneurs who have applied for the Paycheck Protection Program and received no response from their primary bankers or when they did, it wasn’t nearly enough to cover their expenses. However, while banks failed the Latino community, these entrepreneurs managed to find the necessary financial aid from Hispanic American-owned financial institutions,” says Andrea Trujillo, the director of brand digital marketing for L’ATTITUDE.

Since 2018, the team at L’ATTITUDE has been working to put an end to this inequality in the corporate world when it concerns Latino entrepreneurs. She states that while the Latino community in the US is bringing immense benefits to the national economy and is making a major contribution to the lives of all calling the States their home, what happened to these business owners is something that the Latino community has been facing for years. It is the kind of inequality and lack of necessary support that their want to eradicate.

Trujillo expands on the banking situation by stating that national banks didn’t set enough money aside to accommodate the needs of Hispanic-owned businesses. What worsened the situation is that many Hispanics lost their jobs due to the pandemic and as many as 70% of them state that they didn’t have any reserve funds to carry themselves through the situation.

This is the sometimes-dire state that Latino entrepreneurs and their families have to face and the conditions that the L’ATTITUDE teams are working towards changing by making the world aware of the minority group's plight. Through their annual events, they manage to bring these entrepreneurs in contact with people of all walks of life who can and are willing to provide them with the necessary support, guidance and financial investment needed to survive and expand amidst tough economic times.

About Us
The Latino population is breaking through one barrier after the other. This is true when it comes to the level of education, financial contribution and political influence on the overall condition of the United States. To provide this minority group with the support, advice and networking opportunities they need to excel to even greater heights and to enjoy fair chances and have access to the necessary resources to support their ventures, our team works hard and is committed to creating exceptional opportunities for the cohort. Our annual meetup is one such effort from the L’ATTITUDE side. If you are ready to learn more about what we offer the local Latino population, visit our website at https://lattitude.net/ or contact us directly.
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Last Updated October 26, 2021