U.S. Latinos are disproportionately impacted by COVID-19, which is having a devastating effect on the community’s health and economic well-being. From personal finance to small business and homeownership, the Latino population has been hard-hit and is seeking resources to navigate current economic challenges.
Prior to the pandemic, Latinos were driving small business growth, and many were microbusinesses or a business of one. This created an overlap between consumers and small business owners who face similar financial challenges.According to a research brief of the Stanford Latino Entrepreneurship Initiative (SLEI), the window of viability for small businesses is narrowing. Among the resurveyed group of mostly scaled Latino-owned businesses, one in four will run out of cash before the end of the year.
Despite these current hardships, Latinos have a higher level of optimism and resiliency than most communities. Latino consumers, entrepreneurs and workers are continuing to drive growth and sustain the economic engine of our country’s future. Erica Mancinas, of UnidosUS (formerly known as National Council of La Raza), the nation’s largest civil rights and advocacy organization for Latinos, and Wells Fargo's Xochitl Leon, discuss the workforce, economy and housing, among other issues.
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