LOS ANGELES — Business owners who don’t speak English as a first language have struggled to obtain federal loans during the coronavirus pandemic.
While the federal government has left many business owners to fend for themselves, nonprofit organizations have stepped in to help guide entrepreneurs through the complexities of accessing loans.
Xiomara Peña is the program director for Small Business Majority, a nonprofit that provides business owners with access to translated documentation, as well as connecting entrepreneurs to reliable local lenders.
Tilly added that many banks are hesitant to approve loans for minority business owners, as such business owners often lack a previous business relationship with the lending institution.
As a result, Peña said those institutions have become critically important in supporting non-native English speaking business owners seeking federal loans.
