Hispanic community ‘doing an excellent job’ creating businesses
INDIANAPOLIS (WISH) — Local Hispanic-owned small businesses need financial assistance.
Individual Taxpayer Identification Number lending’s tailored approach enables Hispanic entrepreneurs eager to grow their businesses, generate income, and pay taxes to access the required financial resources to thrive.
“It’s an Individual Tax and Identification Number. Those are for residents of Indiana who want to pay taxes and have businesses and, for one reason or another, cannot obtain a social security number,” says Agnes Theodossiou, Indy Chamber’s director of coaching and lending.
ITIN lending caters to people who cannot obtain a Social Security number for various reasons.
Marcela Montero, director of the Hispanic Business Council, said, “It’s opening a lot of opportunities for businesses that, without having this opportunity to apply for funds without Social Security, it just wouldn’t be available.”
According to the Indy Chamber, Hispanic businesses collectively generate over $1 billion in revenue within Indiana.
Montero said, “The Hispanic community has grown tremendously. We see a lot of people coming from Venezuela, specifically. They have that entrepreneurship mind. So, they come here, they open a business, and are just running with it, and many are doing an excellent job.”
The Indy Chamber has taken a holistic approach to supporting Hispanic business owners and their success. The organization offers Spanish-language services to guide clients through finance documentation and application processes.
Montero said, “We tend to be very flexible and like to sit with them and provide them that education. We hold their hand in the process and make it available in English and Spanish, so the process is more straightforward for them.”
The Indy Chamber also provides coaching and mentorship to help businesses achieve financial stability, establish healthy cash flows, and seamlessly integrate into the American business landscape.
Theodossiou said, “If they are forming businesses, whether in the food industry, construction, or any other industry, we are here to help, connect with them, and help them thrive.”