Mastercard: Translating Success: How to Equip Hispanic Entrepreneurs for Growth

NORTHAMPTON, MA / ACCESSWIRE / March 27, 2024 / The Mastercard Center for Inclusive Growth
BY DIANNA DELLING

Mastercard

When Javier Zamora arrived in South Florida to open Sushi Kong, he had all of the makings of a successful restaurant: a winning concept - an upbeat restaurant specializing in Latin-Asian fusion with a tropical flair; a proven track record as the founder of two similar restaurants back home in Argentina; and the perfect location in Coral Gables, an upscale, multicultural community just southwest of Miami.

Foto: Accesswire

Javier Zamora, left, with offerings from Sushi Kong, his growing Miami-area restaurant business.

So, as the immigrant fairy tale goes, Zamora and his wife poured all of their resources and love into Sushi Kong, and it quickly blossomed into a beloved neighborhood establishment.

Yet none of their restaurateur magic mattered in early 2020, when Zamora, who'd always self-financed his ventures, sought a small business loan to upgrade his kitchen equipment. After a number of rejections from traditional lenders, he had nearly given up hope.

It was around this time that Zamora heard about Ascendus, a national nonprofit and community development financial institution that provides entrepreneurs of color and low- to moderate-income small business owners with access to capital at reasonable interest rates. Unlike traditional financial institutions, the organization will invest in entrepreneurs who lack established credit histories or other standard loan criteria. In a stroke of blind luck, Ascendus gave Sushi Kong its first loan weeks before the pandemic shut it down and provided more funding later that difficult year.

"They were the first company to believe in us," Zamora says. "Honestly, without this support, it's doubtful that we would have survived COVID-19."

Zamora represents a rapidly growing category of entrepreneurs in the U.S. The number of Hispanic-owned businesses in America grew by 34% from 2007 to 2019, according to a 2023 report from the Stanford Latino Entrepreneurship Initiative. Today there are more than 5 million Hispanic-owned businesses in this country, and they contribute more than $800 billion to the economy annually, according to the U.S. Department of Treasury.

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