Miami, Dec 2 (EFE).- The percentage of businesses created by Latin Americans in the United States surged from 25% to 36% between 2019 and 2023, according to a University of California analysis of U.S. Census data. This growth trend persisted into 2024, despite persistent challenges, particularly in accessing the financial system. Banks are now offering tailored solutions to help the Latino demographic continue doing business.
EasyBank: Supporting Latino Entrepreneurs
“We are targeting Latin America. We want Latin Americans to feel they have a bank that can support them in their U.S. business endeavors,” said Carlos Romero, CEO and president of EasyBank, in an interview with EFE. Romero emphasized that the bank’s expertise enables it to identify the most pressing needs for Latinos: the ability to easily open a U.S. bank account from their home countries.
“When you think about opening a bank account in the U.S., you first need to get a visa, then cover travel expenses to Miami, open the account, but after that, no one will assist you,” Romero explained. “We can provide direct support to all these countries. I believe that’s a big advantage.”
Challenges for Latino Businesses in the U.S.
One of the biggest hurdles Latin Americans face in the U.S. is access to the financial system, whether due to language barriers or difficulties entering the country. Securing credit is often more challenging for Latin-owned businesses compared to those established by U.S. citizens.
Despite these challenges, Latin-owned businesses have shown remarkable growth. The National Minority Supplier Development Council (NMSDC) reported a 50% increase in total revenue for these businesses between 2020 and 2023, reaching $114 billion annually, underscoring their market potential.
“Latin Americans continue to persevere despite the challenges of being migrants,” Romero said. “It’s easy to open an account [in the U.S.], but everything that comes after is far more complicated, such as financing, issuing credit cards, cash management, and payments.”
Inclusion in the Financial System
EasyBank’s research has identified the groups most in need of support to enter the U.S. financial system, including:
- Small business clients
- Shareholders of enterprises
- Key executives such as managers and administrators
Romero noted the diversity across Latin America and highlighted three promising markets: Argentina, Peru, and the Dominican Republic.
“We like Argentina. Peru is also a market we’re very interested in, and the Dominican Republic is fascinating. Its economy has impressive numbers, and there’s so much to do and so many people to assist there,” Romero remarked.
EasyBank’s Streamlined Approach
Previously known as BanPlus International Bank, EasyBank has undergone a rebranding strategy to modernize and simplify banking processes for its clients.
“This rebranding strategy is about renewal, modernization, and updating. It aims to position us as a fresh brand with a clear concept of making things easier for our customers,” Romero explained.
EasyBank plans to enhance its digital platforms, enabling clients to complete most processes online. Additionally, the bank will travel across the Americas to better understand the needs of small business owners, develop tailored products, and potentially establish a physical presence in the future. EFE
This content was produced with the collaboration of EasyBank.