With the dramatic growth in the U.S. population, the number of Hispanic-Latino-owned businesses is growing faster than in other ethnic groups.<\/p>\n\n\n\n
Carl Palme is a high-tech entrepreneur in Boston with a problem: He\u2019s finding it hard to find investors to back his start-up.<\/p>\n\n\n\n
And part of the reason, he says, is his ethnicity.<\/p>\n\n\n\n
\u201cI\u2019m a Mexican immigrant,\u201d he told GBH News on a recent morning in his Fort Point office, which is also his production facility. \u201cI don\u2019t have any high school buddies here. I don\u2019t have any kids that I went to primary school [with]. You know, I don\u2019t know their parents; I don\u2019t have these networks where people can just trust me.\u201d<\/p>\n\n\n\n
In a December study, the consulting firm McKinsey found that<\/u> \u201cLatinos have the lowest rate of using bank and financial institution loans to start their businesses compared with other racial and ethnic groups,\u201d rely more on personal funds and receive a tiny fraction of the billions of dollars invested each year by venture capital firms.<\/p>\n\n\n\n
Massachusetts\u2019 climate for Latino businesses is even worse than other states. GBH News reported last year that Black and Latino people now make up more than a fifth of the state\u2019s population but own just over 3% of businesses with employees \u2014 less than half the national rate<\/u> of Black and Latino business ownership.<\/p>\n\n\n\n
Learn more about Palme’s story and why Latino businesses face higher demands for collateral from lenders and are turned down for loans more often than their white counterparts by reading Paul Singer’s story: https:\/\/www.wgbh.org\/news\/local-news\/2022\/02\/14\/latino-entrepreneurs-often-shunned-by-banks-band-together-to-build-their-businesses.<\/p>\n\n\n\n
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