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(ABC 6 News) – Deciding where to start when opening a small business can feel like a shot in the dark. Few people tell you where to start, nor is there any right or wrong way to go about it.
But in 2025, where tariffs are taking over and customers are quick to go online before going to the store, the Hispanic community is hoping for a push toward possibility as Julie Herrera-Lemler, Program Manager for Southeast Minnesota’s Small Business Development Center, looks to bring answers to the owners.
“Maybe there is construction in the way of their business, and so what do they do, how can people help them and so we’re looking at ways for them to market their business a little bit,” Herrera-Lemler said.
A Stanford University survey published earlier this year found that, despite growth in Hispanic-owned businesses, access to capital remains a challenge.
The report stated that only 21% of Latino entrepreneurs receive full funding for their business, compared to 40% of their white counterparts.
When those Latino business owners are denied funding, only 51% are provided an explanation, according to the survey, whereas 87% of white business owners are provided a reason.
Juliana Silva from Collider, an organization dedicated to supporting entrepreneurs, said it’s those kinds of reasons that push her organization to help.
“Even if they are looking for funding, we are also able to help them connect with banks and other financial institutions,” Silva said.
While these issues don’t apply to every business owner in the Med-City, Silva said it’s events like the Hispanic Business Resource & Networking Event that help small business owners work through these issues.
“Connecting with those other resources in the ecosystem that they probably don’t even know – or are aware of,” Silva said.
2025 is the second year the Small Business Development Center hosted a networking event, and Herrera-Lemler said the event is growing as she had to utilize two rooms this year, which is something she didn’t need to do in 2024.
