Mastercard: Translating Success: How to Equip Hispanic Entrepreneurs for Growth - Seite 2

Finding a support network that "speaks your language" - literally and culturally - is an essential component of any small business's success. To that end, Mastercard recently partnered with Ascendus, Finhabits and SUMA Wealth to expand its Digital Doors program, launched in 2020, to offer a dedicated platform to help the Hispanic small business community grow their businesses and build their financial futures.

Mastercard launched the bilingual Hispanic Digital Doors platform this month to connect entrepreneurs with online resources and trusted partners committed to working with the Hispanic business community.

"From building a business strategy, creating a digital presence and establishing workplace benefits and financial management, we continue to work with our partners through Digital Doors to help small business owners seamlessly invest in themselves and their businesses," says Ginger Siegel, North America small business lead at Mastercard. "This dedicated platform will help the growing Hispanic small business community build their financial health, both personally and professionally, creating a ripple effect that can grow opportunities for everyone."

While launching a business is always tough, Hispanic entrepreneurs face additional obstacles. Accessing financial capital, for example, can be extremely difficult for immigrants or first- or second-generation Americans of modest economic backgrounds.

Others can find themselves sidelined by a lack of debt. For instance, a good credit history is critical when applying for business loans in the U.S. Yet many Hispanic entrepreneurs have grown up without mortgages or credit cards. "In many parts of the world, 'debt' is a bad four-letter word - that's just not the way people were raised," says Paul Quintero, CEO at Ascendus. "You come to this country and it's all about borrowing money. It's all about leverage. That can be a shocker."

And after securing a loan or credit card, understanding the nuances of U.S. credit culture - such as the importance of keeping credit card balances low to strengthen your FICO score - can be tricky for the uninitiated. "It's not intuitive," says Quintero, which is why Ascendus also provides educational support and resources to help borrowers use their loans effectively.

Beatriz Acevedo, co-founder and CEO of SUMA Wealth, points out another problem. Because it's hard to obtain funding, many Hispanic entrepreneurs rely on personal capital instead.

"They put up their homes, they put all their savings into their business. These things are not ideal when it comes to your personal wealth and building a company," she says. "We've all done it, so we understand - but it's important that people understand the implications, so they can protect themselves [and know how to limit their liabilities]."

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