Societies all across the globe need entrepreneurs from all walks of life to bring new and fresh ideas to the table. The fastest-growing cohort of entrepreneurs among all demographics in the US comes from a minority group - Latinx. According to a survey done by Stanford University, the number of Latinx entrepreneurs is growing at a quicker pace than their white, Asian, and African American counterparts. Over the 2010s the category grew by 34 percent.
This ascending trend is reassuring, however, most Latinx-owned businesses remain small because of institutionalized financial challenges. The gaps in funding leave out 80% of loan applicants or investment-seeking entrepreneurs. In comparison, 60% of businesses owned by white entrepreneurs receive funding. Richie's committed to narrowing those gaps by offering simpler and fairer conditions through its SaaS loan infrastructure program.
We are inspired by incredible entrepreneurs who create exciting and innovative businesses every day. Here are a few examples of Latinx entrepreneurs whose companies grew with the help of investors or bank loans.
Rossanna Figuera of Wafels and Dinges
Hailing from Venezuela Rossanna Figuera ended up in the US at the age of 25. After raking impeccable reputation as a banker on Wall Street and in the diplomatic hallways of the United Nations, Figuera was ready to make a major life-changing decision. She co-founded a food truck brand "Wafels and Dinges" that brought Belgian Wafels to New York City. In 2017 the company received sizeable investments that parlayed to increasing the number of trucks and expanding the reach beyond New York.
Giving back is highly important for the Latina entrepreneur. Rossanna's past in Venezuela helped her develop a community outreach program that pulls attention to Venezuelan issues. Part of the proceeds from sales in NYC goes to feeding kids in Figuera's home country.
Cisco Pinedo of Cisco Home
Modern entrepreneurs think of many things before starting a business. Arguably the primary thought is how to infuse all operations with sustainable values and practices. Francisco Pinedo jumpstarted his furniture brand Cisco Home 30 years ago with a not-so-buzzy mission to be a healthy company for the planet.
Pinedo keeps all production local and repurposes old trunks, factory equipment, and other objects left unused. He recruits locals who learned the craft from previous generations of artisans, preserving years of history and excellence.
Felix Navarro of The Juicy Leaf
Not all businesses have to be huge to make an impact. It is small businesses that contribute to communities the most. The Juicy Leaf is a plant shop in Los Angeles founded by Felix Navarro. Customers can shop anything from house plants to custom terrariums.
Navarro started his career in finance, but his heart was in an entirely different space. In 2006 he decided to abandon significant heights in the corporate world and pursue his passion. Over the years beautiful succulent arrangements grew into a green paradise of manzanita sculptures and fine art operated by a whole team.
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